Zain Saudi Arabia, a unit of Kuwait’s biggest mobile-phone company, is seeking investor approval to reduce its share capital by 48 percent and then raise its capital by 60 percent at an undisclosed date.
The share capital will decrease to 7.3 billion riyals ($1.95 billion) from 14 billion riyals, the Riyadh-based telecommunications company said today in a statement posted on the Saudi stock exchange’s website. The number of shares will drop to 732.8 million after Zain Saudi Arabia eliminates one share for every 2.096 shares held, the company said.
The division will then seek approval to raise its capital to 11.7 billion riyals from 7.3 billion riyals by issuing 438.3 million new shares to existing shareholders, it said.
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