Shareholders of Mobile Telecommunication Company Saudi Arabia (Zain KSA) will vote, in the extraordinary general meeting (EGM) to be held on Oct. 14, 2020, on the board of directors’ recommendation to increase the company's capital from SAR 4.48 billion to SAR 8.98 billion through offering 450 million ordinary shares.
|
Details of Capital Increase |
|
|
Current Capital |
SAR 4487.3 mln |
|
Number of shares |
448.73 mln shares |
|
Capital after increase |
SAR 8987.3 mln |
|
Number of shares after increase |
898.73 mln shares |
|
Method |
Offering and listing priority rights shares with 450 million ordinary shares. |
|
Driver |
Capitalizing part of the amounts due and payable to Zain Kuwait, and paying part of the Murabaha facility. |
If the capital increase is approved, all shareholders registered in the company’s records at the Securities Depository Center (Edaa) will be eligible for the capital hike by the close of trading on the second day following the EGM date, the telecom operator said in a bourse statement.
The meeting is conditional on shareholders' approval of reducing the company's capital, in the EGM scheduled for Oct. 8, 2020.
Shareholders will also vote on amending Articles 7 and 8 of the company’s articles of association, with respect to capital and subscription.
Shareholders of Zain KSA will vote on a 23% capital cut to SAR 4.487 billion from SAR 5.837 billion in the extraordinary general meeting (EGM) to be held on Oct. 8, Argaam reported.
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