Addendum announcement from Zain Saudi Arabia related to the board of directors recommendation to reduce the Company's capital and a subsequent capital increase through a rights issue
|Introduction||Addendum announcement from Mobile Telecommunications Company Saudi Arabia (Zain) further to its previous announcement on 25 October 2017 related to the Board of Directors recommendation to reduce the Company's capital and a subsequent capital increase through a rights issue, |
The Company announces that on Monday 18/12/1440 corresponding to 19/08/2019 the Company and Saudi Ministry of Finance (the “Ministry”) entered into discussions with aim to convert whole or part of the outstanding debts due to the Ministry into shares in the Company, through partially underwriting of the proposed rights issues or any other means (the “Transaction”), taking into account that the Transaction shall be subject to the discussion’s results as well as obtaining all necessary approvals from governmental and regulatory bodies such as Communication and Information Technology Commission, Capital Market Authority and The Company’s Extra Ordinary General Assembly.
|Date of Posting the Previous Announcement of Development on Tadawul's Website||2017-10-25 Corresponding to 1439-02-05|
|Change on the Development||Starting discussions to convert whole or part of the outstanding debts due to the Ministry of Finance into shares in the Company, through partially underwriting of the proposed rights issues or any other means|
|Financial Impact on the change||The financial impact cannot be calculated at this time|
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.