The board of Saudi Mobile Telecommunications Co. (Zain Saudi) invited shareholders to attend an extraordinary general meeting (EGM) scheduled for Wednesday, February 25, 2015.
The EGM will look into approving the board’s proposal for reducing the company’s capital by 45.96% from SAR 10 billion (1 billion shares) to SAR 5.8 billion (583 million shares). One share will be reduced per each 2.18 shares.
The capital reduction is aimed at amortizing Zain Saudi’s accumulated losses till September 30, 2014, which amount to 45.96% of capital.
The move is part of the telco’s plan to boost its operations.
Photo Credit: Arabianeye-Reuters