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.

 

Capital Hike Details

Current Capital

SAR 4.487.3 bln

Number of shares

448.73 mln shares

Capital after increase

SAR 8.987.3 bln

Number of shares after increase

898.73 mln shares

Rights Issue Details

Number of right shares

450 million shares

Offering price per share

SAR 10

Size of issue

SAR 4.5 bln

Record date

By the close of trading on the second day following the extraordinary general meeting date

Rights issue proceeds

Partial repayment of Murabaha facilities and partial capitalization of the dues owed by the Saudi operator to Kuwait’s Zain Group 

 

Additional Details

Financial advisor and underwriter

Saudi Fransi Capital, ANB Invest, Al-Rajhi Capital

Lead manager

Saudi Fransi Capital

Underwriters

Saudi Fransi Capital, ANB Invest, Al-Rajhi Capital, Aljazira Capital, Riyad Capital, Alinma Investment

 

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