March 23, 2013 / 7:16 AM / 7 years ago

New chairman for telecom provider Zain Saudi

RIYADH, March 23 (Reuters) - Zain Saudi, Saudi Arabia’s struggling third-largest telecoms provider, has appointed Fahd bin Ibrahim al-Dughaither as its new chairman, it said on Saturday, without elaborating.

The affiliate of Kuwait’s Zain, reported a 2012 net loss of 443 million riyals ($118.1 million) and has extended the maturity of a 9 billion-riyal Islamic loan seven times since last summer.

Its statement on Saturday, posted on the website of the Saudi bourse, did not give any further information about Dughaither.

The company is competing against better-resourced Saudi Telecom Co, the former monopoly holder, and Mobily , an affiliate of United Arab Emirates’ Etisalat , which dominate the market.

Parent-firm Zain in July increased its stake in Zain Saudi to 37 percent from 25 percent after underwriting the affiliate’s capital restructuring. (Reporting By Angus McDowall; Editing by Sanjeev Miglani)

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