Zain Saudi Arabia looking to wipe out accumulated losses Will also be seeking fresh cash to support expansion plans Rights issue likelyMobile Telecommunications Co. Saudi Arabia (7030.SA), known as Zain Saudi Arabia, said Wednesday its board has recommended a new capital reorganization plan as it looks to wipe out accumulated losses and eventually raise fresh cash to support its expansion plans.
Under the new proposal, Zain will reduce its paid-up capital from 14 billion Saudi riyals ($3.73 billion) to SAR4.8 billion, it said in an emailed statement.
(C) WSJ
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