Saudi Arabia’s Public Pension Agency has reportedly sold its 5% stake in Zain Saudi Arabia, according to a Dow Jones article citing a source close to Zain.
Zain, which is currently in the midst of a capital restructuring, was not immediately…
Saudi Arabia’s Public Pension Agency has reportedly sold its 5% stake in Zain Saudi Arabia, according to a Dow Jones article citing a source close to Zain.
Zain, which is currently in the midst of a capital restructuring, was not immediately available to comment on the stake sale.
But on the Saudi stock exchange website, the pension agency is not listed among the shareholders with a 5% stake or more in the company.
According to the report, Saudi-based investment firm NCB Capital has since downgraded its recommendation on Zain from ‘neutral’ to ‘underweight’, expressing concerns that the telco’s management changes combined with strong competition from rivals will affect its ability to meet its financial goals.
On 12 March, Zain named Fraser Curley as its new CEO – the third person to hold the position since October last year.
Curley starts with the company as it strives to complete a capital reorganisation plan in May, the Dow Jones report stated, quoting an NCB analyst.
As part of the plan, Zain is reportedly in talks with banks to refinance a US$2.5bn Islamic facility set to mature in late July.
