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FINANCIAL NEWS
Indebted Zain Saudi plans capital restructuring
28 Oct 2011
(MENAFN) Zain Saudi said it will negotiate with its shareholders to approve 66 percent capital reduction to ease losses, Reuters reported.
Zain Saudi plans to cut its share capital to USD1.28 billion from USD3.7 billion, in order to alleviate mounting losses of USD2.45 billion, representing 66 percent of its paid-up capital.
The telecoms operator said new equity will be used to reduce bank debt and enhance its network.
Zain Saudi’s accumulating dept reached around USD5.6 billion, including loans from founding shareholders of about USD1 billion and a USD2.6 billion Islamic facility that can be rolled over until August 2012, according to its first-quarter results.
The company’s plan announcement was the third, however the plan was sidelined by now-aborted deals to sell stakes in both Zain Saudi and parent Zain.
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