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Zain Saudi plans vote for slashing capital by 55%

21 Feb 2011

(MENAFN) Kuwait-based Zain reported that shareholders in its Saudi Arabia unit would attend a meeting for voting on slashing the operator’s capital by 55 percent amid the company’s restructuring plan, reported Arabian business.

The restructuring comes as the company plans to mitigate its increasing losses, which began when the company as early as the company’s establishment as it had to gain licenses worth USD6 billion.

It is worth noting that the company was able to cut down losses in the fourth quarter of 2010, compared with the same quarter of a previous year, by twenty one percent as the number of clients increased.

The meeting would decide whether shareholders want Zain Saudi Arabia to slash capital from USD3.7 billion to USD1.60 billion.

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