18 May 2010
(MENAFN) The Chief Executive Officer at Zain Saudi Arabia said that the mobile phone operator is finalizing plans to increase capital in a month’s time, after the firm missed payments to creditors in 2009, Reuters reported.
Zain Saudi Arabia, which is 25 percent owned by Kuwait’s Zain, said in January it was in talks with creditors after missing some commitments last year on a $2.5 billion Islamic loan.
In February, the CEO said the company will seek a 30 percent capital increase in 2010, half of which would be through converting debt worth $577 million into equity and the other half from founding shareholders.
Zain Saudi started operations in late 2008 after paying with other investors $6 billion to win the third Saudi mobile license. It competes with larger rivals Saudi Telecom and Mobily.
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more