Mubasher TV
Contact Us Advertising   العربية

Zain KSA EGM greenlights capital cut

Zain KSA EGM greenlights capital cut
A total of 135 million shares, at a par value of SAR 10 a share, will be cancelled.
ZAIN KSA
7030
-8.97% 12.58 -1.24

Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia’s (Zain KSA) extraordinary general meeting (EGM) approved reducing the firm’s capital to SAR 4.487 billion from SAR 5.837 billion as was previously recommended by the board.

The step aims to offset most of the company’s accumulated losses and has no material effect on Zain KSA's financial obligations, according to a stock exchange statement on Sunday.

A total of 135 million shares, at a par value of SAR 10 a share, will be cancelled. Hence, the new number of shares will amount to 448.729 million, compared to 583.729 million.

The EGM decision shall be applicable on all shareholders registered in the company’s register at the Securities Depositary Center Company (Edaa) at the end of the second trading day after the extraordinary assembly's meeting date.