The Extraordinary General Assembly of Mobile Communications Company of Saudi Arabia (Zain Saudi Arabia), in its meeting yesterday, Wednesday, approved the capital increase by offering priority rights shares.
The company said in a statement to the Saudi market (Tadawul), today, Thursday, that a capital increase of 100.3% was approved, from 4.487 billion riyals to 8.987 billion riyals. .
and indicated that the eligibility of the rights issue shares to shareholders who own the shares on the day of the General Assembly, and who are registered at the end of the second trading day following the maturity date, corresponding to October 18th.
She also pointed out that the reason for the capital increase is the capitalization of part of the amounts owed by the company to Zain Kuwait, and the payment of part of the murabaha facility.
The company indicated that 450 million ordinary shares will be offered at a par value of 10 riyals per share.
During the meeting, the association agreed to amend a number of articles of the company’s articles of association regarding capital, shares, and shares subscription.
last Thursday, the company's general assembly had decided to reduce the capital, to 4.49 billion riyals, to extinguish accumulated losses.
