Indebted telecoms operator Zain Saudi said on Sunday it would ask shareholders to approve a multibillion dollar capital restructuring after the market regulator endorsed the plan.
If successful, the Saudi affiliate of Kuwait's Zain will reduce its issued share capital to 4.8 billion Saudi riyals ($1.28 billion) from 14 billion before launching a 6 billion riyals rights issue, it said in an emailed statement.
Bourse rules say listed firms must cut their capital if losses exceed 75 percent of share capital, while Zain Saudi will use the proceeds from the rights issue to ease its debts.
No comments:
Post a Comment