Zain for Saudi Telecom reduces its capital by 23%

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Posted on: Sunday 11 October 2020 – 1:41 PM | Last update: Sunday 11 October 2020 – 1:41 PM

The extraordinary general assembly of the Saudi Mobile Telecommunications Company “Zain Saudi” approved the board of directors ’recommendation to reduce the capital from 5837.3 million riyals to 4487.3 million riyals, by 23% by canceling 135 million shares to extinguish most of the accumulated losses.

The company said, in a press release on Sunday, that there is no material impact of the company’s capital reduction on its financial liabilities.

Zain is the second mobile operator in Saudi Arabia.

In turn, the Saudi Stock Market “Tadawul” announced that the company’s share volatility will be calculated based on the price of 16.34 riyals, indicating that the trading of the company’s share will be suspended based on the listing rules for a period of two working days, starting from today, for the “Edaa Center” company to apply the reduction of the company’s shares in Shareholders’ investment portfolios, provided that the suspension of the stock trading is lifted by the end of tomorrow, Monday.

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