Zain KSA’s EGM set for July 4

Mobile Telecommunications Company Saudi Arabia (Zain KSA), confirmed that the Ministry of Commerce and Industry (MoCI) has granted its approval for the company to hold its 2nd Extraordinary General Assembly Meeting (EGM) on the July 4. Shareholders of Zain KSA will vote on two resolutions. The first is for a capital reduction and the second is for a capital increase through a Rights Issue (collectively the Capital Restructuring).
The proposed capital reduction will result in the company’s paid-up capital being reduced from SR 14.0 billion to SR 4.801 billion. The proposed capital increase from this base will consist of raising fresh cash of around SR 3.5 billion and converting shareholder debt of around SR 2.5 billion into capital, adding to a total Rights Issue size of SR 6 billion.
The EGM will take place at 5 p.m. on July 4 at the Tadawul media centre, King Fahd Road, Riyadh. Shareholders will be able to vote remotely using the Tadawulaty e-voting system.
The Capital Restructuring is designed to strengthen the financial and business position of Zain KSA as it plans for further growth in the market.
The Tadawulaty e-voting facility is explained thus: Each Shareholder holding 20 shares or more in the company may attend this EGM to vote in person, by proxy or through the electronic vote available through the Tadawulaty (commonly referred to as e-voting facility).
Zain KSA’s shareholders are able to vote electronically in respect of the resolutions being proposed at the EGM by using the Tadawulaty e-voting facility. This facility, which opened at 6 p.m. on June 27, is open until 11 a.m. on the date of the EGM (July 4) and is available for all shareholders owning 20 or more shares in Zain KSA.