Zain Saudi's $1.69 billion rights issue was over-subscribed by 105.4 percent, the issue's lead manager Saudi Fransi Capital said in an emailed statement on Saturday.
The kingdom's third telecom operator started a rights issue on July 10 which closed eight days later. The issuing price was set at 10 Saudi riyals, without a premium, it said.
"The rights issue was subscribed by more than 632 million shares with the receiving banks... This amounts to 6.34 billion riyals, a coverage of 105.4 percent of the rights issue shares," the firm said in the statement.
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