Okaz/Saudi Gazette

RIYADH — Mobile Telecommunications Company Saudi Arabia (Zain Saudi) has started discussions with the Ministry of Finance to convert whole or part of the outstanding debts owed to the ministry, it said in a statement to Tadawul on Monday.

The conversion of debt into shares will take place through partially underwriting of the proposed rights issues or any other means. The transaction, however, will depend on the results of the discussion and obtaining all necessary regulatory approvals from the government bodies such as Communications and Information Technology Commission, Capital Market Authority in addition to the extraordinary general assembly of the company. The financial impact cannot be calculated at this time, the statement said.