Zain KSA’s remaining rights issue 469.1% oversubscribed

The new shares will be deposited into shareholders’ accounts on November 18, 2020

  
Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer

Riyadh –  Mobile Telecommunication Company Saudi Arabia (Zain KSA) said on Monday that its remaining rights issue shares were 469.1% oversubscribed.

The sale included 59.56 million shares at an average share price of SAR 11.29, the company said in a bourse filing.

Total proceeds of selling unsubscribed shares amounted to SAR 672.525 million while net compensation for holders of the right issues and fractional shares reached SAR 76.88 million.

The new shares will be deposited into shareholders’ accounts on 18 November 2020.

Last week, Zain KSA said that its rights issue was 86.76% subscribed. Investors subscribed to 390.44 million shares at a value of SAR 3.904 billion out of a total of 450 million new shares.

In October, the company’s extraordinary general meeting (EGM) approved to raise its capital by 100.3% through a rights issue to SAR 8.987 billion from SAR 4.487 billion.

Source: Mubasher

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