Saudi Zain to reduce capital as part of overhaul plan, CEO

A board recommendation to reduce the capital of Mobile Telecommunications Company Saudi Arabia (ZAIN KSA) is part of a plan to overhaul the company to improve its financial position, 
 

Farhan al-Jarba,  chairman of Zain said in a statement obtained by Argaam.

Mr al-Jarba iadded that the company has developed its network to keep pace with the rising demand for internet services and that it was targeting high-paying clients.

As a result profit in the past 9 month before EBITDA increased 21 percent to SAR 825 million, it added.

The board recommended yesterday to reduce capital to SAR 5.8 billion from SAR 10.8 billion, or 46 percent, to amortize losses, according to Argaam.