To extinguish losses … Zain Saudi Telecom reduces its capital by...

To extinguish losses … Zain Saudi Telecom reduces its capital by...
To extinguish losses … Zain Saudi Telecom reduces its capital by...
, United Arab Emirates (CNN) – The Saudi Mobile Telecommunications Company, Zain Saudi Arabia, announced on Sunday the company’s board of directors approval to reduce its capital from $ 1.5 billion to $ 1.1 billion in order to extinguish the company’s accumulated losses.

A statement published by the Saudi market, Tadawul, said that the company decided to reduce the company’s capital after the statutory quorum was completed, during the extraordinary general assembly meeting.

The company said that there is no significant impact of reducing the company’s capital on its financial obligations, and that the percentage of change in the company’s capital from the reduction client will reach 23.1%, i.e. a reduction of 0.23% per share.

The company, which is the second largest telecommunications company in Saudi Arabia, announced the cancellation of 135 million shares of the company’s current shares, bringing the number of shares after the reduction to about 448 million shares.

According to the statement, the reduction decision “will be enforceable on all the shareholders of the company registered in the company’s records with the Securities Depository Center Company at the end of trading on the second day following the holding of the extraordinary general assembly in which the capital reduction was decided.”

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