Zain Saudi begins talks with Finance Ministry on debt conversion

19/08/2019 Argaam

 

Mobile Telecommunications Company Saudi Arabia (Zain Saudi) has started discussions with the Ministry of Finance to convert whole or part of the outstanding debts due to the ministry, it said in a statement to Tadawul on Monday.

 

The conversion of debt into shares will take place through partially underwriting of the proposed rights issues or any other means. The transaction, however, will depend on the results of the discussion and obtaining all necessary regulatory approvals.

 

The financial impact cannot be calculated at this time, the statement said.

 

In May 2018, Zain Saudi filed for regulatory approval of its planned capital decrease and rights issue after its board recommended a 38 percent capital cut to SAR 3.6 billion to write off accumulated losses of SAR 2.2 billion

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read