The extension of the maturity was required in order to allow for the planned implementation of a new refinancing facility. The Company is in very advanced negotiations with a syndicate of banks, comprising current existing, as well as potential new investors to refinance the existing Murabaha Facility. Discussions are well advanced and the directors believe a formal refinancing agreement will be most likely signed during the fourth quarter of year 2012.
The Companys new management has adopted a clear strategy for operational and financial out-performance, and enjoys the strong backing of its parent, Zain Group. Over the past twelve months Zain KSA has made considerable investments in its network improvements, as well as human capital in order to improve the overall standing of the company and progress its overall offering. The following achievements are examples of the output of those strategic operational initiatives:
(a) Postpaid base increased in 2012 through launching attractive Mazaya packages, this increase has more than doubled the quarterly postpaid subscription fee revenues during the first two quarters of 2012, and has led to an overall increase in the postpaid revenues during the nine-month period ended 30 September 2012 of over 100% as compared with the same period last year.
(b) Zain KSA launched 4G data services in the Kingdom by introducing attractive Speed 4G packages, this has been translated in to a significant increase in its data-user subscriber base hence increasing the data usage and revenues. Data revenues thus have increased during the nine-month period ended 30 September 2012 by over 110% when compared with the same period last year.
(c) The overall Blackberry service revenues increased by 85% during the nine-month period ended 30 September 2012 as compared with the same period last year following a number of successful youth-focused campaigns.
(d) As part of its 2012 strategy, Zain KSA has offered a wide range of attractive 2G/3G/4G mobile handsets, modems, and routers, and has successfully increased handset sales revenue by more than 100% during the nine-month period ended 30 September 2012 as compared with the same period last year.