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Zain Saudi considers capital cut

23 June 2010

Zain Saudi Arabia may reduce its capital to cover some or all of its accumulated losses which reached $1.6bn by end-March, Reuters has reported. "The board of directors met ... to discuss the proposed restructuring of the company's capital through reducing the company's capital to cover all or some of the firm's accumulated losses, for this to be followed by a capital increase," the company said. The statement added that detailed proposals for the capital restructuring plan will be submitted to Zain Saudi's board before end-July.

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