Published: July 24, 2012
Telecoms company completes restructuring plan with US$1.6bn deal.
Zain Saudi, the Saudi Arabian subsidiary of Kuwaiti telecoms group Zain, has closed its SAR6bn (US$1.6bn) rights issue.
Saudi Fransi Capital, lead manager of the rights issue, says the deal closed with orders representing SAR 6.342bn-worth of shares. The company’s paid-up capital has now risen to SAR10.8bn from SAR4.8bn.
The deal, which was launched earlier this month, completes Zain Saudi’s capital restructuring, intended to strengthen the company’s financial and commercial position.
The rights issue was underwritten by Saudi Fransi Capital, Al Rajhi Capital, Banque Saudi Fransi, Alinma Bank, Bank AlBilad, The National Commercial Bank, Samba Financial Group, Saudi Hollandi Bank, Arab National Bank, Bank Aljazira, Riyad Bank, SABB and The Saudi Investment Bank.