Zain KSA’s $1.6 billion rights issue was fully subscribed by the deadline, according to Saudi Fransi Capital, the lead manager of the rights issue.
Saudi Fransi Capital confirmed that the receiving banks had received subscription applications for in excess of 632 million shares by the close of the rights issue offer period, representing demand of SR6.3 ($1.69bn) billion and covering some 105.42% 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.
HRH Prince Dr. 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."
Following a successful bid for the third mobile license in March 2007, Zain KSA launched commercial operations in Saudi Arabia in August 2008.