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BRIEF-Zain Saudi board proposes capital reduction, new rights issue
October 25, 2017 / 6:54 AM / 2 months ago

BRIEF-Zain Saudi board proposes capital reduction, new rights issue

Oct 25 (Reuters) - MOBILE TELECOMMUNICATIONS COMPANY SAUDI ARABIA

* BOARD PROPOSES CAPITAL REDUCTION TO 3.62 BILLION RIYALS FROM 5.84 BILLION RIYALS TO WRITE OFF ACCUMULATED LOSSES OF 2.22 BILLION RIYALS

* FOLLOWING CAPITAL REDUCTION, CO PLANS TO INCREASE CAPITAL TO 9.62 BILLION RIYALS FROM 3.62 BILLION RIYALS BY WAY OF RIGHTS ISSUE OF 6 BILLION RIYALS

* APPOINTS BAKER & MCKENZIE LIM AS LEGAL ADVISOR TO MANAGE CAPITAL REDUCTION AND RIGHTS ISSUE Source text for Eikon: Further company coverage:

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