Shares of Mobile Telecommunication Company Saudi Arabia (Zain KSA) have their ex-rights today, Oct. 14, 2020, in case the capital increase is approved.

 

Zain KSA’s board of directors recommended a capital hike from SAR 4.48 billion to SAR 8.98 billion through offering 450 million ordinary shares.

 

It is worth noting that the shareholders ratified the board of directors’ request to reduce the company’s capital to SAR 4.48 billion from SAR 5.83 billion, during the extraordinary general assembly meeting (EGM) held on Oct. 8.

 

The step aims to offset the company’s accumulated losses through the cancellation of 135 million shares.

 

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