Copying and distributing are prohibited without permission of the publisher
Zain Saudi to raise $1.1bn in rights issue
31 August 2010
Zain’s Saudi Arabian operation is planning to fund the next phase of its growth through a $1.1bn rights issue
Read more:
Zain
Saudi Arabia
Calyon Saudi Fransi
Al Rajhi Capital
Kuwait
Zain Saudi Arabia is planning to increase its capital by $1.1 billion through a rights issue. Zain is planning to use the proceeds from the issue to fund the next phase of the company’s growth.
Before the rights issue is carried out, the company proposes to recommend to shareholders that they approve the reduction of Zain’s current share capital from 1.4 billion shares by the cancellation of 667 million shares.
Calyon Saudi Fransi and Al Rajhi Capital have been appointed to advise the operator on the capital reduction and the rights issue.
Separately, Zain’s board member Asaad al-Banwan will resign on October 1. Zain of Kuwait nominated its COO, Barrak al-Sabeeh, as the replacement for al-Banwan on the Saudi unit’s board. Al-Banwan is also the chairman of Zain. GTB