Zain to raise $4.5 billion for its future expansion plans (Kuwait)

Mobile Telecommunications Company, Zain is planning to raise $4.5 billion through a rights issue to fund its expansion plans. Application forms and prospectus of the capital increase will be available at all National Bank of Kuwait’s (NBK) branches. As of March 10, every Zain shareholder will be eligible to subscribe to shares equivalent to 75 per cent of the total number of shares they held on this date. Price of subscription will be 850 fils per share and an issuance premium of 750 fils. This issue will  close on September 18, 2008. Zain is anticiptaing that its capital increase will allow it to finance its future expansion plans as well as meet its financial commitments.
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