Zain Saudi Arabia to Increase Its Capital

Saad Al Barrak Mobile Telecommunications Company Saudi Arabia (Zain KSA), a leading mobile telecoms operator in the kingdom, announced plans to increase its capital by US$1.168 billion through a rights issue. The capital raised from the issue will fund the next phase of the company's growth strategy and is expected to accelerate its continued growth in Saudi Arabia. The company's strategy to date has seen it secure more than 7 million customers and generate revenue of approximately US$374 million in the second quarter of 2010, with the business achieving positive EBITDA less than two years after the launch of commercial operations, said a statement.- Trade Arabia