Wednesday 24 June 2015
Zain KSA BOD invites shareholders to the Extraordinary General Assembly for discussion of Decrease in share capital
Zain Saudi Arabia Chairman, Eng. Farhan Bin Naif Al Faisal Al Jarbaa commented “The (EGM) has several issues to discuss on its agenda, most importantly, the approval of the Board of directors recommendation to decrease the company capital from SAR 10,801,000,000 to SAR 5,837,291,750 with a decrease by 45.96%”
Al Faisal Al Jarbaa added, “The principal reason for the proposed capital reduction is to write-off all of the Company’s accumulated losses up to 30 September 2014 representing approximately 45.96% of the Capital, as part of instituting its transformation plan and pursuant to a recommendation by the Executive Management of the Company and its External Advisers. The Capital reduction will be carried on by the cancellation of shares to write-off accumulated losses, and it will not have an effect on the Company obligations.”
Hassan Kabbani, Zain Saudi Arabia CEO said, “Zain is on a steady path in its implementation of its ambitious transformation plan, and we have already strengthened our position in the Saudi market by enhancing the performance, developing the network’s infrastructure, expanding sales channels, increasing point of sales and strengthen our services.”
He noted, “This recommendation from the Board of Directors forms a positive step in implementing the comprehensive development plan to enable the company to achieve its objectives.”
The quorum necessary for the EGM to be in session should be attended by the shareholders representing 51% of the company’s capital, as each shareholder owning 20 or more shares shall have the right to attend the meeting whether in person or by proxy.
Delegated attendants should present corroborating evidence or a written power of attorney endorsed by the chamber of commerce by sending it to Mobile Telecommunications Company Saudi Arabia (Zain), P.O. Box 295814 Riyadh, 11351 and delivered to the company prior 3 day of the meeting.
Zain KSA also enabled electronic voting for its shareholders who wish to use this facility by registering and voting remotely through (Tadawulaty) website by visiting the following link: http://tadawulaty.tadawul.com.sa starting from 9 AM on Sunday Feb 1st, until 11 AM of the EGM day.