Following Zain KSA’s US$1.69bn rights issue, Kuwaiti telecoms group Zain now holds 37% in the Saudi Arabian unit, according to a notice to the Kuwaiti bourse.
Zain Group previously controlled 25% of Zain KSA.
The rights issue, conducted by the Saudi…
Following Zain KSA’s US$1.69bn rights issue, Kuwaiti telecoms group Zain now holds 37% in the Saudi Arabian unit, according to a notice to the Kuwaiti bourse.
Zain Group previously controlled 25% of Zain KSA.
The rights issue, conducted by the Saudi Arabian unit between 10 July and 17 July, was oversubscribed to US$1.69bn.
The company reportedly said that US$200m of the proceeds would be used to repay part of a US$2.6bn Islamic loan due in July. As for the rest of the rights issue, it will go towards repaying shareholders and improving Zain’s network.
