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Zain KSA gets shareholders’ nod on capital decrease

Zain KSA gets shareholders’ nod on capital decrease
Photo Credit: Arabianeye-Reuters
ZAIN KSA
7030
0.14% 13.82 0.02

Saudi Mobile Telecommunications Co.  (Zain KSA) announced that its extraordinary general meeting (EGM) approved on Wednesday the board’s recommendation on reducing capital by 45.96% to SAR 5.8 billion from SAR 10.8 billion.

Thus, the company’s total number of shares will be slashed from 1.080 billion to 583.7 million.

The capital reduction decision will be effective for shareholders of record till the close of trading on the EGM date. The reduction will be effected through reducing 1 share per each 2.18 shares.

The capital decrease is aimed at amortizing Zain KSA’s accumulated losses till September 30, 2014, which amount to nearly 45.96% of capital.

The move is part of the telco’s plan to boost its operations.