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Zain Saudi at record low ahead of rights issue

Riyadh, July 8, 2012

Shares in Zain Saudi, the kingdom's No.3 telecom operator, tumbled to an all-time low on Sunday as investors extended selling after the date to qualify for its $1.6 billion rights issue passed.

Zain Saudi on Saturday cut its capital to SR4.8 billion from SR14 billion, while the rights issue will start on Tuesday and close eight days later.

The capital cut will help eliminate some of its accumulated losses, which stood at 10.1 billion at the end of the first quarter.

The kingdom's index slipped 0.2 per cent to 6,848 points, down for a third session in last six.-Reuters




Tags: Shares | zain saudi |

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