Zain Saudi gets nod for capital reduction

Saudi Arabia’s Capital Market Authority (CMA) approved Zain Saudi Arabia’s request to reduce its capital from SAR 10.8 billion to SAR 5.84 billion.

The telecom operator will reduce its number of shares from 1,080 million shares to 583.7 million.

This approval is pending the ​endorsement of the company's extraordinary general assembly ​meeting.

The meeting must be held within six months from the CMA’s approval date and all necessary regulations must be completed, according to the Zain’s statement to Tadawul, Saudi’s bourse.

Zain’s board of directors recommended in its meeting held in November to reduce its capital by 45.96 percent, from SAR 10.8 billion to SAR 5.837 billion, according to data compiled by Argaam.