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SAUDI TELECOM BOARD PROPOSES $8 BLN CAPITAL INCREASE



 Saudi Telecom (7010.SE) said on Sunday its board had proposed extending its capital by 30 billion riyals ($8 billion) to finance improvement and expansion plans in its Business market, Saudi Arabia, and elsewhere in the region.


The capital addition would incorporate giving 30 billion new offers, tending to a capital augmentation of 150%, with financial backers offering 1.5 new proposals for each deal they guaranteed.


The statement was presented in an articulation circulated to the Saudi protections trade.


Saudi Arabia's organization has 64% of the huge telecom through its sovereign overflow hold, the Public Investment Fund.


In an alternate clarification, Saudi Telecom said its board had recommended cutting its benefit system which committed it to 1 riyal $0.26) per share per quarter to 0.40 riyal ($0.10).


generally Read: Hajj 2022: Over 8,500 wayfarers made a trip to Saudi Arabia in five days


The declaration said the board proposed the change of the three-year benefit system, which had been dynamic since the last quarter last year, due to the proposed share capital addition.


The board would continue to consider additional benefit portions, it said.


($1 = 3.7513 riyals)

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