Zain KSA Chairman Resigns with Immediate Effect
Published on: 10th Mar 2014
The Chairman of Zain's Saudi Arabian subsidiary Mr. Fahad Ibrahim Al Dughaither has resigned for personal reasons. Zain owns a 37% stake in the company which is listed on the local stock market.
In a statement the company named Eng. Farhan Bin Naif Al Faisal Al Jarbaa as their new Chairman, with the decision being taken at a board meeting this morning.
The resignation of the Chairman comes just six months after the company's CEO resigned, also for personal reasons.
The company has struggled to compete in the local market
ever since it paid USD6.1 billion for an operating license back in August 2008.
Board members expressed their gratitude to Mr. Al Dughaither for his efforts in supporting the company's executive management, that included reinforcing the financial structure of the company by successfully refinancing the Murabaha Facility Arrangement at a lower interest rate and a longer term tenure, in addition to entering into an agreement with the Ministry of Finance that entitles Zain KSA to a seven year deferment of dues payable to the Government.
Eng. Farhan Bin Naif Faisal Al Jarbaa is one of the prominent leading figures in telecommunications in Saudi Arabia, due to founding several telecommunication companies in the Kingdom.