Mobile Telecommunication Company Saudi Arabia (Zain KSA) said accumulated losses dropped to SAR 54 million (or 0.60% of the company’s capital) from SAR 1.608 billion (or 27.5% of the company’s capital), upon completing the capital reduction, according to a bourse filing.
The company stated that the accumulated losses resulted from the cost of issuing rights issues of SAR 56 million.
Thus, it reduced its capital by SAR 1.350 billion, in addition to its profits recorded during the fiscal year amounting to SAR 260 million.
In October 2020, shareholders approved a 23% capital cut to SAR 4.48 billion from SAR 5.83 billion during the extraordinary general assembly meeting (EGM) held on Oct. 11, 2020.
The capital cut was planned to offset accumulated losses through the cancellation of 135 million shares.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 5.83 bln |
|
Number of shares |
583.73 mln |
|
Reduction (%) |
23% (23 shares for every 100 shares owned) |
|
New Capital |
SAR 4.48 bln |
|
New number of shares |
448.73 mln |
|
Method |
Writing off 135 mln shares |
|
Reason |
Amortization of the company's accumulated losses |
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