The BOD of Mobile Telecommunications Company (Zain) recommended reducing the Company’s capital 45.96% from SAR 10.8bn to SAR 5.837bn, as shown in the following table:
|
Capital reduction details |
|
|
SAR 10801.0 mn |
Current capital |
|
1080.1 mn shares |
Number of shares |
|
45.96% ( 1 for every 2.18 shares) |
Capital reduce (%) |
|
SAR 5837.3 mn |
New capital |
|
583.73mn shares |
# of Shares after reduction |
According to data available on “Argaam”, Zain reduced its capital from SAR 14bn to SAR 4.8bn, by 66% in 2012. Then the Company raised its capital to SAR 10.8bn through SAR 6bn rights issue.
The company said that the main reason for the proposed capital reduction is to write-off all of the Company’s accumulated losses up to 30 September 2014 representing approximately 45.96% of the capital. The capital reduction is subject to official parties’ approvals.
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