Mobile Telecommunication Company Saudi Arabia (Zain KSA) issued prospectus for its SAR 4.5 billion rights issue, the company said in a bourse filing on Tuesday.
Zain KSA set the offering price at SAR 10 a share, to increase capital from SAR 4.48 billion to SAR 8.98 billion, through floating 450 million shares.
The rights issue proceeds net of offering fees and costs will be used for the partial repayment of Murabaha facilities and partial capitalization of the amounts owed by the Saudi operator to Kuwait-based Zain Group.
Zain KSA’s shareholders will discuss on Oct. 14 the board’s recommendation to increase capital, following the approval of the Capital Market Authority (CMA), Argaam reported.
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Capital Hike Details |
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Current Capital |
SAR 4.487.3 bln |
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Number of shares |
448.73 mln shares |
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Capital after increase |
SAR 8.987.3 bln |
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Number of shares after increase |
898.73 mln shares |
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Rights Issue Details |
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Number of right shares |
450 million shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 4.5 bln |
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Record date |
By the close of trading on the second day following the extraordinary general meeting date |
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Rights issue proceeds |
Partial repayment of Murabaha facilities and partial capitalization of the dues owed by the Saudi operator to Kuwait’s Zain Group |
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Additional Details |
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Financial advisor and underwriter |
Saudi Fransi Capital, ANB Invest, Al-Rajhi Capital |
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Lead manager |
Saudi Fransi Capital |
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Underwriters |
Saudi Fransi Capital, ANB Invest, Al-Rajhi Capital, Aljazira Capital, Riyad Capital, Alinma Investment |
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