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Zain Saudi approves 46% capital reduction
25/02/2015
Argaam
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Mobile Telecommunication Company’s (Zain Saudi) approved a 45.96 percent capital reduction in its extraordinary general assembly held on Wednesday.
The operator will cut its capital from SAR 10.80 billion to SAR 5.8 billion.
Zain’s board of directors had previously recommended the reduction in order to extinguish the company’s accumulated losses.
|
Capital Reduction Details |
|
|
SAR 10.8 bln |
Current capital |
|
1,080.1 mln shares |
Number of shares |
|
45.96% ( one share for every 2.18 shares) |
Capital reduction percentage |
|
SAR 5.8 bln |
New capital |
|
583.73 mln shares |
Number of shares after reduction |
|
For shareholders registered on Feb. 25 |
Date for reduction |
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