Zain KSA shareholders to vote on 23% capital reduction on Oct. 8

17/09/2020 Argaam


Shareholders of Mobile Telecommunication Company Saudi Arabia (Zain KSA) will vote on a 23% capital cut to SAR 4.487 billion from SAR 5.837 billion in the extraordinary general meeting (EGM) to be held on Oct. 8, the company said in a statement to Tadawul on Thursday.

 

The capital will be reduced through writing off 135 million shares, in order to offset accumulated losses.

 

Key Figures of the Capital Reduction

Current Capital

SAR 5.837 bln

Number of shares

583.73 mln shares

Reduction (%)

23% (23 shares for every 100 shares held)

New Capital

SAR 4.487 bln

New number of shares

448.73 mln shares

Method

Cancellation of 135 mln shares

Driver

To offset the majority of accumulated losses

 

In a bourse statement, the mobile operator said if its shareholders approve reducing capital, the capital reduction will be effective for all shareholders registered at the Securities Depository Center Company (Edaa) by the close of trade on the second day following the EGM date.

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