Zain KSA rights issue ends with success

Saudi Fransi Capital, the lead manager of the rights issue carried out by Zain KSA — Mobile Telecommunications Company Saudi Arabia — confirmed yesterday that the receiving banks had received subscription applications far in excess of 632 million shares by the close of the rights issue offer period, representing demand of SR 6,342 million and covering some 105.42 percent of the rights issue.
This close of the rights issue marks the completion of Zain KSA's capital restructuring, a process intended to strengthen the company's financial and commercial position.
Commenting on the announcement of the subscription details, Prince Hussam bin Saud bin Abdul Aziz, chairman of Zain KSA, said: “Everyone at Zain KSA is delighted by these results. We have a clear mandate from our shareholders to move forward and to have confidence in building our company for the benefit of our shareholders, our customers and the wider community across the country.”