The extraordinary general assembly of the Mobile Telecommunications Company (Zain Saudi Arabia), at its meeting held last Thursday, agreed to reduce the company's capital to extinguish the accumulated losses.
The company said in a statement to the Saudi market (Tadawul), today, Sunday, that the capital reduction was approved from 5.84 billion riyals to 4.49 billion riyals. >
and indicated that the number of shares will be reduced from 583.73 million shares to 448.73 million shares through the cancellation of 135 million shares.
She also pointed out that according to the auditor's report, most of the company's accumulated losses will be amortized, after reducing the capital.
Zain Saudi Arabia confirmed that the capital reduction has no material impact on the company's financial obligations.
and indicated that the reduction decision will be enforceable on all registered shareholders of the company, at the end of the second trading day following the date of the extraordinary general meeting.
and the General Assembly also agreed to amend a number of articles in the articles of association of the company regarding capital, shares, and shares subscription.
The extraordinary general assembly of the company meets on October 14th to vote on increasing the capital from 4.49 billion riyals to 8.987 billion riyals through a rights issue offering.
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and the accumulated losses of the company by the end of the second quarter of 2020, to 1.44 billion riyals, representing 24.7% of the capital of 5.837 billion riyals.
