The BOD of Mobile Telecommunications Company (Zain) recommended reducing the Company’s capital 45.96% from SAR 10.8bn to SAR 5.837bn, as shown in the following table:
 

Capital reduction details

SAR 10801.0 mn

Current capital

 1080.1 mn shares

Number of shares

45.96% ( 1 for every 2.18 shares)

Capital reduce (%)

SAR 5837.3 mn

New capital

583.73mn shares

# of Shares after reduction

 

According to data available on “Argaam”, Zain reduced its capital from SAR 14bn to SAR 4.8bn, by 66% in 2012. Then the Company raised its capital to SAR 10.8bn through SAR 6bn rights issue.
 

The company said that the main reason for the proposed capital reduction is to write-off all of the Company’s accumulated losses up to 30 September 2014 representing approximately 45.96% of the capital. The capital reduction is subject to official parties’ approvals.

Comments 0

Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website