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Lacklustre response for Zain KSA Rights Issue.

Zain KSA's $1.6 billion rights issue had met with a lacklustre response as of Monday, with only 54% of the available shares sold as of 2:00 pm on 16 July 2012, according to Saudi Fransi Capital, the lead manager of the rights issue, which closed yesterday.

"Total subscriptions including debt conversion of SAR 2,546 million stood at approximately 325 million shares or 54% of the rights issue," Saudi Fransi Capital said in a statement.

The last day for the rights issue was Tuesday 17th. Receiving banks continued to accept subscription forms until 5:00pm whilst electronic applications continued to be accepted until 11.59pm.

The transaction is fully underwritten by a syndicate of underwriting banks led by Saudi Fransi Capital and Al Rajhi Capital.

The syndicate of receiving banks includes Banque Saudi Fransi, Al Rajhi Bank, Alinma Bank, Bank AlBilad, The National Commercial Bank, Samba Financial Group, Saudi Hollandi Bank, Arab National Bank, Bank Aljazira, Riyad Bank, SABB and The Saudi Investment Bank.

Shareholders, eligible to participate in the rights issue, were those who were registered as shareholders at close of market trading on 4 July 2012 prior to the extraordinary general assembly meeting held to approve the company's capital restructuring plans.

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Publication:CommsMEA
Date:Jul 18, 2012
Words:221
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