Zain Saudi rights issue 86.76% subscribed

Mobile Telecommunication Company Saudi Arabia (Zain Saudi) rights issue was 86.76% subscribed, as subscribers injected SAR 3.904 billion in 390 million shares, according to a bourse statement.

The remaining shares will be reoffered to institutional investors pro rata on Nov. 3-4, 2020.

In the event that shares remain unpurchased by institutional investors, those will be allocated to the underwriter who will purchase them at the offering price.

The offer period for remaining shares that have not been subscribed for, amounting to 59.56 million, will begin at 10am on Nov. 3 2020, until 5pm on Nov. 4. 

The subscription period for the rights issue of Zain Saudi ended on Oct. 29, 2020, Argaam reported.

Subscription period began on Oct. 19, 2020, as the telco issued 450 million shares at SAR 10 each to increase its capital from SAR 4.48 billion to SAR 8.98 billion.

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