Debt-laden Zain Saudi Arabia, a telecommunications provider, has been given a reprieve after its parent, Kuwait's Zain Group, stepped in to save a US$1.6 billion rights issue that drew a tepid response from the market.
Shareholder Zain Group stepped in to cover the under-subscribed issue and has now raised its stake in the Saudi Arabian unit to 37 per cent, up from 25 per cent.
The fate of Zain Saudi Arabia had long been uncertain after its parent previously tried and failed to sell its stake in the company.
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