Saudi Arabian mobile operator Zain KSA has secured the necessary shareholder approval to proceed with its planned capital reduction and SR6bn (US$1.6bn) rights issue.
A majority of shareholders approved the capital restructuring plan at a second…
Saudi Arabian mobile operator Zain KSA has secured the necessary shareholder approval to proceed with its planned capital reduction and SR6bn (US$1.6bn) rights issue.
A majority of shareholders approved the capital restructuring plan at a second extraordinary general assembly yesterday (4 July). The plan involves reducing the company’s capital from SR14bn (US$3.7bn) to SR4.8bn (US$1.3bn) ahead of increasing it again via the rights issue.
The second meeting was called because less than the 51% of shareholders needed to approve the plan attended the first assembly on 25 June.
Zain KSA, part of the Kuwait-based Zain Group, received regulatory approval for the capital restructuring in late May.
According to the company’s timetable for the plan, the capital reduction would take effect straight after it had been approved by shareholders and the subscription period for the rights issue would begin a week later.
