MOBILE Telecommunications Company Saudi Arabia (Zain KSA) shareholders will meet on July 4, 2012 to deliberate and vote on capital restructuring. A statement Friday said the extraordinary general assembly meeting that will take place at 5:00 p.m. at the Tadawul media center, King Fahad Road, Riyadh, has received the approval of the Ministry of Commerce and Industry. Shareholders will vote on two resolutions. The first is for a capital reduction and the second is for a capital increase through a rights issue (collectively called capital restructuring). The proposed capital reduction will result in the company's paid-up capital being reduced from SR14.0 billion to SR4.801 billion. The proposed capital increase will consist of raising fresh cash of around SR3.5 billion and converting shareholder debt of around SR2.5 billion into capital, adding to a total rights issue of SR6 billion. Shareholders will be able to vote remotely using the Tadawulaty e-voting system. The capital restructuring is designed to strengthen the financial and business position of Zain KSA as it plans for further growth in the market. Each shareholder holding 20 shares or more in the company may attend this EGM to vote in person, by proxy or through the electronic vote available through the Tadawulaty (commonly referred to as e-voting facility). Zain KSA's shareholders owning 20 or more shares in Zain KSA are able to vote electronically in respect of the resolutions being proposed at the meeting by using the Tadawulaty e-voting facility. The facility, which opened at 6:00 p.m. on June 27 will remain open until 11 a.m. of July 4. Eligible shareholders may visit the following website to register and vote- [http://tadawulaty.tadawul.com.sa]. Shareholders who voted electronically in respect of the first extraordinary general meeting will need to vote again. Electronic votes submitted before the above deadline by shareholders registered in Zain KSA's books at the close of trading on July 4 will be valid and counted along with physical votes made at the EGM. – SG
