Al-Rajhi bank participates in Zain initial public offer (IPO). Zain in intending to offer 700 million shares at a par price of SR(10) per one share . the IPO period will be from 2/2/1429H- 11/2/1429H corresponding to 9/2/2008G- 18/2/2008g.
The Saudi mobile telecommunication company (Zain) is a stock company (under formation) as per the royal decree No-M/48 of 26/5/1428h. Corresponding to 12/6/2007. the company total capital SR 14 billion formed up of 1.4 Billion shares at SR(10) par value per one share .
Upon closing the IPO and the company approval by the constitutional general assembly , a request will be forwarded to the Saudi Minister of Commerce& Industry for a decision to announce the formation of the Company . .
The company will be considered a Saudi stock company from the date the ministerial decision is issued. It will practice its business under the trade name “Zain” .
The Company will operate the mobile telephone network in the kingdom as per the provisions of the third license for providing the infrastructured mobile telephone service which is expected to be introduced in the kingdom in the second quarter of 2008 provided that all necessary requirements are completed.
The company will float 700 million shares which represents 50% of the total company shares capital to the eligible individual investors. This will be for the natural Saudi persons including the Saudi divorced or widowed lady which has minor children from non- Saudi husband where she is entitled to subscribe for her self in their names. Six hundred thirty million (630m) shares representing90% of the IPO shares will be allocated for the individual subscribers.
Also, 70 million shares representing 10% of the IPO share will be allocated to the Pension Public Agency in line with the cabinet decision No-357 dated 28/12/1428H. corresponding to 7/1/2008.
For further information :.
- Zain company.
- Questions & answers on zain IPO.