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Zain Saudi’s rights issue oversubscribed 105%

Saudi Fransi Capital has announced that Zain Saudi's $1.69bn rights issue was over-subscribed by 105.4%. "The rights issue was subscribed by more than 632 million shares with the receiving banks... This amounts to SR6.34bn, a coverage of 105.4% of the rights issue shares," the issue's lead manager said. Earlier this month, Zain KSA cut its capital from SR14bn to SR4.8bn to alleviate accumulated losses, which topped SR10bn at the end of March. "With the finalisation of the rights issue, the capital restructuring of Zain Saudi - which was set to improve the financial situation of the company - is complete," the kingdom's third telecoms operator said.