Saudi Arabia's Etihad Etisalat (Mobily) has agreed with the majority of its lenders to waive the breach of covenant under several loan facilities totalling SR12.1 billion ($3.23 billion), it said on Tuesday.

Mobily is still in negotiations with others lenders relating to its export credit agency facilities and other bilateral facilities to reach a similar waiver agreement, it said in a bourse statement.

The telecoms company, part-owned by Abu Dhabi-listed Etisalat, revealed in February that it was in breach of the terms of loans from various lenders after issuing a drastically reduced restatement of previously announced profit.

It had hoped to reach an agreement with lenders to set new covenants for some outstanding loans by the end of 2015. - Reuters