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FINANCIAL NEWS
Zain Saudi to repay debt, improve network with USD1.6b rights issue
11 Jul 2012
(MENAFN) Zain Saudi, in which Kuwait’s Zain Group holds 25 percent stake, has launched a USD1.6 billion rights issue to support its balance sheet and help regain market share, Reuters reported.
Company executives said it will use about USD200 million of the share issue to repay part of a USD2.6 billion Islamic loan due in July.
The No.3 telecom operator in the Kingdom also intends to use part of the proceeds to win back customers from rivals Saudi Telecom and Etihad Etisalat (Mobily).
Most of the remainder will be spent on repaying founding shareholders and improving Zain Saudi’s network, the company said.
Kuwait’s Zain will meet any shortfall in rights issue take-up by investors, so its 25 percent stake may rise.
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