Zain Saudi Arabia has named Farhan Bin Naif Al Faisal Al Jarbaa as its new chairman.
Al Faisal replaces Fahad Ibrahim Al Dughaither, who resigned from the role for personal reasons but remains a member of the board of directors, the Saudi unit of the…
Zain Saudi Arabia has named Farhan Bin Naif Al Faisal Al Jarbaa as its new chairman.
Al Faisal replaces Fahad Ibrahim Al Dughaither, who resigned from the role for personal reasons but remains a member of the board of directors, the Saudi unit of the Kuwait-based telecoms group said in a statement.
The company described Al Faisal as a prominent figure in Saudi Arabian telecoms, having founded several telcos in the nation and worked in the sector for more than 34 years.
The board thanked Al Dughaither, who chaired the company for a year, for his efforts in supporting the executive management team, which included refinancing a SR8.63bn (US$2.3bn) murabaha facility agreement at a lower interest rate and longer term tenure and entering into an agreement which allows the company to defer government payments worth SR5.6bn (US$1.49bn) for seven years.
The murabaha extension represented the last stage of the Saudi telco’s balance sheet reorganisation, following a US$325m export credit agency facility signed in June 2012, a capital restructuring and rights issue in July 2012 and a US$600m junior debt facility in June 2013.
Zain Saudi Arabia appointed a new CEO, Hassan Kabbani, last September.
