Prince Hussam bin Saud, chairman of mobile operator Zain Saudi Arabia, has denied rumours that his company had gone bankrupt. Speaking to local newspaper Arab News, he blamed the rumours on people “with vested interests”.
He said the though the company…
Prince Hussam bin Saud, chairman of mobile operator Zain Saudi Arabia, has denied rumours that his company had gone bankrupt. Speaking to local newspaper Arab News, he blamed the rumours on people “with vested interests”.
He said the though the company had suffered losses, it would not affect its future progress. Just two years after launching, Zain already has seven million customers, much more than its target of five million.
At the end of August, Zain Saudi Arabia increased its capital by SR4.83bn (E0.95bn) through a rights issue to pay off its accumulated losses.
Zain was not available for comment at the time of going to press.
