The company’s capital will be reduced around 28% from SAR 5.84 billion to SAR 4.23 billion, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
Furthermote, the capital reduction will be through canceling 160.81 million shares.
The capital reduction, which is is attributed to the amortization of accumulated losses that amounted to SAR 1.6 billion, will become effective at the end of the second trading day following Zain’s extra ordinary general assembly meeting (EGM).
Following the capital reduction, the company plans to increase its capital from to SAR 8.73 billion through a rights issue with a total value of SAR 4.5 billion.
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