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Jul 24 2012

Kuwait's Zain Says It Now Owns 37% of Zain KSA Following Rights Issue

Tuesday, Jul 24, 2012

DUBAI (Zawya Dow Jones)--Following Zain KSA 's (7030.SA) recent $1.6 billion rights issue, Kuwait-based Mobile Telecommunications Co., better known as Zain Group, said Tuesday it now owns 37% of the Saudi telco, up from the 25% it controlled prior to the capital raising.

"After the approval of the Saudi capital markets and regulatory authorities on the capital restructuring of Zain Saudi Arabia, we would like to inform you that our participation in the process of restructuring has resulted in the increase of ownership from 25% to 37% of Zain Saudi Arabia's new capital," Zain Group said in a statement posted on the Kuwaiti bourse website.

Zain Group shares last traded 1.4% down at KWD0.690 and Zain KSA shares were down 0.4% at SAR11.85.

-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com; Twitter: @ZDJnews

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

24-07-12 0824GMT


© Copyright Zawya. All Rights Reserved.


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