Shareholders of Mobile Telecommunication Company Saudi Arabia (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, the company said in a statement to Tadawul on Thursday.
The capital will be reduced through writing off 135 million shares, in order to offset accumulated losses.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 5.837 bln |
|
Number of shares |
583.73 mln shares |
|
Reduction (%) |
23% (23 shares for every 100 shares held) |
|
New Capital |
SAR 4.487 bln |
|
New number of shares |
448.73 mln shares |
|
Method |
Cancellation of 135 mln shares |
|
Driver |
To offset the majority of accumulated losses |
In a bourse statement, the mobile operator said if its shareholders approve reducing capital, the capital reduction will be effective for all shareholders registered at the Securities Depository Center Company (Edaa) by the close of trade on the second day following the EGM date.
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