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Zain Saudi capital restructuring gets approval from regulator

The indebted Saudi unit of Kuwait's telecoms operator Zain has said it is to ask shareholders to approve a multibillion dollar capital restructuring after the market regulator endorsed the plan, Reuters has reported. If successful, Zain Saudi will reduce its issued share capital to SR4.8bn ($1.28bn) from SR14bn before launching a SR6bn rights issue, the firm said. The operator, burdened by the high price it paid for mobile licences, has yet to make a quarterly net profit nearly four years after launching services in 2008. Its accumulated losses now stand at SR10.1bn, according to its first-quarter results.