Telecom operator Zain Saudi has started preparations for its key shareholders' meeting on June 25 where its capital restructuring plan will be put for vote, said Saudi Fransi Capital, the lead manager of the transaction.
At the meeting
Saudi Arabia's Capital Market Authority (CMA) has apporved Mobile Telecommunications Company Saudi Arabia's (Zain KSA) capital restructuring plan, a statement said.
The approval follows the decision by Zain KSA’s board of director
Indebted telecoms operator Zain Saudi will ask shareholders to approve cutting its capital by 66 per cent to alleviate mounting losses, it said in a statement on Wednesday.
This is the third time the board has announced such a plan, but th
Zain Saudi Arabia, the kingdom's third mobile operator, offered shareholders to cut its capital by almost half to cover accumulated losses, and later launch a rights issue to raise it by nearly 60 per cent.
Zain Saudi's board offered on Sa