Saudi Arabia's Al-Rajhi Bank and Banque Saudi Fransi are among five banks underwriting a 6 billion riyals ($1.6 billion) rights issue from indebted telecoms operator Zain Saudi, according to the issue prospectus.
Lead manager Saudi Fransi Capital, the investment banking unit of Banque Saudi Fransi, and Rajhi Capital, part of Al-Rajhi Bank, will each underwrite 44.8 percent of the issue's 600 million shares.
Albilad Investment will cover 3.81 percent, while units of Alinma Bank and Saudi Hollandi Bank will each underwrite 3.33 percent.
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