Zain KSA completes capital restructuring, remaining offer of priority shares oversubscribed by 469%

Zain KSA completes capital restructuring, remaining offer of priority shares oversubscribed by 469%

"Zain KSA“ has announced that the oversubscription rate in the remaining priority right issues has reached 469%, following an unprecedentedly high demand from corporate investors. The company stated that these recent developments are part of its capital restructuring plan, which included two phases, capital reduction followed by a capital increase through the offering of priority rights shares. This contributed to extinguishing most of the company's accumulated losses, through paying off part of the Murabaha facility, and capitalizing part of the dues owed to Zain Group, which will pave the company's way into a new era of strategic transformation of its financial performance and will mark the onset of the dividend distribution phase. In a media statement, the company indicated that the oversubscription to the new issue reflected the confidence of shareholders and investors in Zain KSA's operational strategy and future plans, in addition to its enhanced capabilities to expand its activities and investments in the ICT sector in the Kingdom. It is worth noting that the capital restructuring process coincided with Zain KSA maintaining its profitability for the ninth consecutive quarter, after it transformed into a profit-making company 3 years ago. During the first nine months of 2020, the company recorded net