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.

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