Saudi Telecom said on Sunday that its board had proposed increasing its capital by 8 billion dollars to finance growth and expansion plans in its home market, Saudi Arabia, and elsewhere in the region.
Saudi Telecom’s board has recommended issuing 30 billion new shares, representing a capital increase of 150%, with shareholders offering 1.5 new shares for each share they own.
Saudi Arabia’s government owns 64% of the major telecoms through its sovereign wealth fund, the Public Investment Fund.
In a separate statement, Saudi Telecom said its board had recommended cutting its dividend policy from a ree-year commitment to 1 riyal $0r share per quarter to 0.40 ($0.10).
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