Zain Saudi names new chairman
Riyadh, March 23, 2013
Zain Saudi, Saudi Arabia's struggling third-largest telecoms provider, said it has appointed Fahd bin Ibrahim al-Dughaither as its new chairman.
The affiliate of Kuwait's Zain, reported a 2012 net loss of SR443 million ($118.1 million) and has extended the maturity of a SR9 billion Islamic loan seven times since last summer.
Its statement on Saturday, posted on the website of the Saudi bourse, did not give any further information about Dughaither.
The company is competing against better-resourced Saudi Telecom Company, the former monopoly holder, and Mobily, an affiliate of UAE's leading telecom services operator Etisalat, which dominate the market.
Parent-firm Zain in July increased its stake in Zain Saudi to 37 per cent from 25 per cent after underwriting the affiliate's capital restructuring.-Reuters