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FINANCIAL NEWS
Zain Saudi plans to reduce capital
03 Oct 2011
(MENAFN) Zain Saudi’s Chairman, Prince Hussam bin Saud, said that after the company failed to sell a USD950 million stake, Zain would reduce its capital in order to abide by the Kingdom’s bourse rules, reported Arab News.
Bin Saud added that in August of last year, the company’s board proposed to restructure its capital and in February Zain was going to ask shareholders to approve reducing capital by 55 percent to USD1.68 billion.
He also said that following the completion of capital restructuring, the company would be forecasted to accomplish soaring growth levels, moreover, it would be expected to achieve profits.
It is worth noting that Zain Saudi accumulated losses reached around USD2.3 billion.
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