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Zain Saudi launches $1.6bn rights issue

Zain Saudi has launched a $1.6bn rights issue yesterday to boost its balance sheet and help it fight back against rivals, Reuters has reported. The group will use about $200m of the share issue to repay part of a $2.6bn Islamic loan that matures in July, top executives at the company firm told the news service said. Most of the remainder will be spent on repaying founding shareholders and improving Zain Saudi's network.