MENA equity capital market: Issuances total $4.6bln in 2020, down 86% from 2019 | ZAWYA MENA Edition

MENA equity capital market: Issuances total $4.6bln in 2020, down 86% from 2019 | ZAWYA MENA Edition

Equity and equity-related issuance in the Middle East and North Africa (MENA), which totalled $4.6 billion in 2020, is down 86 percent from 2019, a four-year low in equity capital market (ECM) proceeds, according to global data provider Refinitiv.

The largest ECM issuance in MENA was the $1.2 billion follow on from Mobile Telecommunications Company, Saudi Arabia (Zain KSA) in October 2020.

With the increase, the company’s shares went up from more than 448.729 million to 898.729 million. The offering price was set at 10 Saudi riyals a share.

According to the company, the increase was proposed to capitalise “part of the amounts due to Zain Kuwait”, which owns 37 percent of Zain KSA, and to pay “part of the Murabaha facility”.