Saudi Arabia's Almarai , a founding shareholder in Zain Saudi , will likely take a $36 million impairment on its stake in the telecoms carrier at the end of 2011 if the shares remain stuck near current levels, the company's chief financial officer said on Wednesday.
Diary firm Almarai was one of nine founding shareholders in Zain Saudi and owns a 2.5 percent stake initially valued at 350 million riyals ($93 million). The operator launched services in 2008, competing against rivals Saudi Telecom Co and Etihad Etisalat (Mobily).
"If the share price of Zain Saudi will stay at the level it's at currently or lower by year-end, we will then propose an impairment of the assets," Paul-Louis Gay, Almarai chief financial officer.
No comments:
Post a Comment