Jul 24 2012
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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.
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