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MENAFN - Arab News - 10/07/2012

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(MENAFN - Arab News) Saudi Fransi Capital announced the start of the subscription period for Zain KSA's SR 6.0 billion rights issue that began yesterday.

The rights issue, under the mandate of lead manager Saudi Fransi Capital, will see Zain KSA's paid-up capital increase from SR 4.801 billion to SR 10.801 billion, through the issue of new shares priced at an offer price of SR 10 per share. Saudi Fransi Capital and Al-Rajhi Capital are the co-main underwriters and co-financial advisors to this transaction.

The transaction is the penultimate stage of a process to restructure the Company's capital and is intended to improve the capital structure of Zain KSA, with the proceeds raised being used to repay certain financial obligations and to invest in network capacity and services. Shareholders will have until the July 17 to subscribe for rights issue shares.

Shareholders eligible to participate in the rights issue are those who were registered as shareholders at the close of trading on July 4, 2012, the date of the 2nd EGM approving the rights issue. Shareholders can obtain a subscription application form to apply for their eligible shares at any of the receiving banks listed below, or online through the receiving banks' websites.
The transaction is being fully underwritten by a syndicate of underwriting banks led by Saudi Fransi Capital and Al-Rajhi Capital. The full list of receiving banks is 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.

Commenting on the launch of the rights issue, Prince Hussam bin Saud bin Abdul Aziz, chairman of Zain KSA, said: "This represents a significant milestone for Zain KSA. We are proud to be able to launch the rights issue. We have worked diligently to get to this stage and would like to thank everybody who has assisted us in the process. This rights issue is about the future of Zain KSA and we believe that this future is something to be very optimistic about."

Yasir Al-Rumayyan, Saudi Fransi Capital CEO, said: "SFC is harnessing capabilities to ensure that the subscription process is easy for subscribers, as we will maintain high levels of transparency during the subscription period. I would like also to express my thanks to Zain Saudi Arabia for their confidence in Saudi Fransi Capital to manage this offering."

Zain KSA has started a nationwide information campaign about the rights issue, which is intended to provide background information and to answer the frequently asked questions that investors may have. Updates can also be found on a dedicated website at http://www.sa.zain.com/IR/Capital-Restructuring.


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