Zain Saudi’s SR6bn riyal ($1.6bn) rights issue closes on Tuesday as the kingdom’s third-largest telecoms operator seeks to pay off debts and reconfigure its balance sheet.
The issue, led by Saudi Fransi Capital and Al-Rajhi Capital, forms part of a financial reorganisation plan as the lossmaking operator seeks to double its market share after a deal to sell a quarter of the company failed last year.
The rights issue aims to free $200m towards the refinancing of a loan of $2.6bn due this month. The remainder will be used to enhance the company’s infrastructure, reduce dependence on network-sharing agreements with competitors and return money to founding shareholders.
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