Zain Raises $4.49B

Zain capital increase completed, $4.49B raised; largest ever capital raising in Kuwait’s history sees 99% of shareholders subscribe

September 20, 2008

1 Min Read

KUWAIT CITY -- Zain Group, the leading mobile telecom operator in the Middle East and Africa, announces the successful completion of its capital increase raising US$4.49 billion (KWD1.2 billion) with 99% of all shareholders subscribing. The number of subscribed shares exceeded 1.4 billion, bringing the total number of Zain shares to 4.28 billion with total shareholders’ equity reaching US$6.42 billion.

The amount raised is unprecedented in Kuwaiti’s history exceeding all expectations, given the gloomy trends that have recently dominated local and international markets and resulted in sharp declines in the prices of oil as well as significant collapses in the financial markets worldwide.

"The successful completion of the largest capital increase in the history of Kuwait is an unanimous vote of confidence by our shareholders in Zain's management team, the performance to date and in our profitable expansion strategy aiming to be a top-ten global mobile operator by 2011," said Zain’s Chief Executive Officer Dr Saad Al Barrak, adding that “the proceeds of this capital increase will be used to finance future strategic expansion plans and meet financial commitments.”

Zain Group

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