New chairman of Zain Saudi appointed

RIYADH - Telecoms provider Zain Saudi has appointed Fahd bin Ibrahim Al Dughaither as its new chairman, it said on Saturday, without elaborating.

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 Web site of the Saudi bourse, did not give any further information about Al Dughaither.

The company is competing against Saudi Telecom Co and Mobily, an affiliate of 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.

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