Riyadh – Mubasher: The extraordinary general meeting (EGM) of Mobile Telecommunication Company Saudi Arabia (Zain KSA) has approved to raise its capital by 100.3% through rights issue trading.

The company will increase its capital to SAR 8.987 billion from SAR 4.487 billion, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.

A total of 450 million ordinary shares will be issued at an offering price of SAR 10 per share.

This decision aims to capitalise part of the amounts due to Zain Kuwait and pay part of the Murabaha facility.

It is noteworthy to mention that in September, Zain KSA signed an agreement to reschedule its existing five-year syndicated Murabaha facility valued at SAR 3.85 billion maturing on 30 September 2020.