Kuwait's Mobile Telecommunications (Zain) said it plans to raise around $4.4 billion by selling stock to existing investors to finance expansion overseas as competition grows tougher in its home market.
Zain said yesterday it would raise its capital by 75 per cent by selling shares at 850 fils ($3.10) per shares for expansion in Africa and the Middle East.
Based on Zain's latest outstanding shares, it would be selling 1.42bn shares to raise 1.21bn dinars.
Zain spokesman Ibrahim Adel declined to confirm the figure.
Zain, which operates in about 20 countries in the Middle East and Africa, has been seeking investment opportunities abroad to counter tough competition at home, where Saudi Telecom (STC) last week won a bid to set up the country's third mobile telephone company.
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