Late flurry covers Zain Saudi's rights issue

23 Jul 2012

Saudi Fransi Capital, the lead manager of Zain Saudi’s USD1.69 billion rights issue, says that the issue was oversubscribed by 105.4%. A day before the close Zain Saudi revealed that at that time it had sold only 54% of the rights issue. ‘The rights issue was subscribed by more than 632 million shares with the receiving banks. This amounts to SAR6.34 billion riyals, coverage of 105.4% of the rights issue shares,’ the firm said in the statement. ‘This close of the rights issue marks the completion of [the company’s] capital restructuring, a process intended to strengthen the company’s financial and commercial position.’

Saudi Arabia, Zain Saudi Arabia