Kuwait’s Zain raises stake in Zain Saudi
On July 27, 2012, Kuwait’s Zain increased its ownership in Zain Saudi to 37.045 percent from 25 percent. Earlier, the Saudi Capital Market Authority (CMA) and other regulatory authorities had approved Zain Saudi’s capital restructure.
|Deal Value||Method of Finance||Type||Status|
|747.00 Million USD||Capital Increase||Stake||Completed|
The Acquiring Party
|Mobile Telecommunications Company - Kuwait - Zain - Kuwait|
|*Market Cap (Million SAR)||-|
The Acquired Party
|Mobile Telecommunication Company Saudi Arabia - ZAIN KSA|
|Argaam Sector||Mobile Telecom Operators|
|*Market Cap (Million SAR)||12,096.91|
- *Based on the latest data available
|Expected date for Completion||24-07-2012|
Zain Group’s ownership in Zain Saudi rose to 37.045% from 25%. Accordingly, Zain Group owns 400.125 million shares after capitalizing the SAR 400 million partner’s loan, in addition to injecting SAR 1.3 billion in the telecom operator’s initial public offering (IPO).
* According to Kuwait’s Zain, accounting treatment is still based on shareholders’ equity method.