Zain Saudi proposes capital reduction
(MENAFN- Arab News) JEDDAH: Zain Saudi has proposed a capital reduction to shareholders to eliminate all accumulated losses up to Sept. 30 the company said in a statement on the Kingdom's bourse.
The move would cut its capital base by 45.9 percent. After the move one share would equal 2.18 shares now the statement said.
The company 37-percent owned by Kuwait's Zain has yet to make a quarterly profit since launching services in 2008 and has struggled to compete against Saudi Telecom Co. (STC) and Etihad Etisalat (Mobily).
Zain Saudi made a net loss of SR316 million in the three months to Sept. 30.
The move would cut its capital base by 45.9 percent. After the move one share would equal 2.18 shares now the statement said.
The company 37-percent owned by Kuwait's Zain has yet to make a quarterly profit since launching services in 2008 and has struggled to compete against Saudi Telecom Co. (STC) and Etihad Etisalat (Mobily).
Zain Saudi made a net loss of SR316 million in the three months to Sept. 30.
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