Zain KSA to raise capital to SAR9bn via a SAR4.5bn rights issue

23 Sep 2020

Zain Saudi Arabia (Zain KSA) is planning to increase its capital from SAR4.49 billion (USD1.2 billion) to SAR8.99 billion via a SAR4.50 billion rights issues, according to a company bourse filing. Zain KSA will offer 450 million shares at SAR10 per share, with the proceeds scheduled to be used for the partial repayment of Murabaha facilities and partial capitalisation of the amounts owed by the Saudi operator to Kuwait-based Zain Group. Zain KSA’s shareholders will vote on the board’s recommendation to increase the capital on 14 October, subject to the approval of the Capital Market Authority (CMA). Saudi Fransi Capital, ANB Invest and Al-Rajhi Capital will act as financial advisors/underwriters for the rights issue, with Saudi Fransi Capital also acting as a lead manager.

Saudi Arabia, Zain Group, Zain Saudi Arabia