Kuwait – Mubasher: Zain Group said that the license contract of Zain Saudi was extended for 15 years, according to a KSE bourse statement issued Monday.
Saudi Arabia will obtain 5% of the annual net profit achieved by Zain throughout the extension period.
Tadawul issued a statement saying that the impact of this extension will include “Reducing the annual amortization charge by 433 million Saudi Riyals each year starting from the date of the extension, this will reduce the Company’s net losses by the same amount.”
