Mobile Telecommunication Company Saudi Arabia (Zain Saudi) has appointed Saudi Fransi Capital as a financial adviser to help explore options to strengthen its financial position, the telecom operator said in a statement on Saudi bourse, Tadawul.
Saudi Fransi Capital is expected to explore options that may include conversion of some liabilities to equity, or a rights issue, or a capital reduction, or a combination of these options.
The board is still mulling all these options and no decision has yet been made.
Zain Saudi reported a net profit of SAR 45 million in the first quarter of 2017, compared to a loss of SAR 250 million in Q1 2016. The improvement was attributed to a decrease in amortization, higher gross profit, and a decrease in distribution expenses.
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