Zain Saudi may cut capital to cover losses

Saudi Arabia's newest mobile phone operator Zain Saudi Arabia is considering a capital reduction to cover some or all of its accumulated losses which reached $1.6 billion (Dh5.8bn) by end-March. "The board of directors met to discuss the proposed restructuring of the company's capital through reducing the firm's capital to cover all or some of the firm's accumulated losses, for this to be followed by a capital increase," Zain Saudi Arabia said in a statement.