Thursday, February 9, 2023
HomeScience & TechSAUDI TELECOM BOARD PROPOSES $8 BLN CAPITAL INCREASE

SAUDI TELECOM BOARD PROPOSES $8 BLN CAPITAL INCREASE

Saudi Telecom (7010.SE) said on Sunday its board had proposed expanding its capital by 30 billion riyals ($8 billion) to fund development and extension plans in its home market, Saudi Arabia, and somewhere else in the district.

The capital increment would include giving 30 billion new offers, addressing a capital increment of 150%, with investors offering 1.5 new offers for each offer they claimed.

The declaration was offered in an expression distributed to the Saudi securities exchange.

Saudi Arabia’s administration possesses 64% of the significant telecom through its sovereign abundance reserve, the Public Investment Fund.

In a different explanation, Saudi Telecom said its board had suggested cutting its profit strategy which committed it to 1 riyal $0.26) per share per quarter to 0.40 riyal ($0.10).

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The assertion said the board proposed the adjustment of the three-year profit strategy, which had been active since the final quarter last year, because of the proposed share capital increment.

The board would keep on considering extra profit installments, it said.

($1 = 3.7513 riyals)

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