Mubasher: Vodafone Qatar on Thursday announced that it has obtained the approvals of Qatar Financial Markets Authority (QFMA) and the economy and trade ministry concerning the company’s capital cut proposal.

The telecom firm will trim its capital to QAR 4.22 billion from QAR 8.45 billion, according to a filing to the Qatar Stock Exchange (QSE).

The action will be implemented through reducing the nominal value of the company’s shares from QR 10 per share to QR 5 per share.

Vodafone Qatar is currently completing the necessary procedures to ratify the proposed amendments to the company's association articles.

By 11:17 am Qatar time, Vodafone Qatar’s stock plunged to 0.81% at QAR 8.61.