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Zain KSA sets subscription period for rights issue, new shares

Zain KSA sets subscription period for rights issue, new shares
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Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) on Thursday announced the start date of the rights issue trading period and subscription to new shares.

The subscription period will begin on 19 October 2020 and end on 26 October 2020, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Meanwhile, the new shares subscription period will also commence on 19 October 2020 and end on 29 October 2020.

Eligible persons may exercise their subscription right either in whole or in part, as well as the holders of fractional shares, in proportion to their entitlements.

For registered shareholders and new investors, trading of the rights and subscription to the new shares shall be pursuant to the provisions set forth in the prospectus.

Furthermore, Tadawul announced that the fluctuation limits on Thursday for Zain KSA will be based on a share price of 13.82 SAR and the outstanding orders will be cancelled.

Thus, the company’s rights will be deposited into applicable investor’s portfolios on Monday 19 October.

The extraordinary general meeting (EGM) of Zain 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.