Saudi Zain issued an announcement on the Tadawul today advising that it is considering a Rights Offering as a way of increasing capital. It seems from this that AlRajhi Bank, Calyon, and Samba have also been engaged for this role as well.
No mention is made of conversion of debt to equity. That being said, the first step in a debt conversion would be a rights offering to allow shareholders the right as they have a legally mandated right to any new shares. I'm guessing that the shareholders will be asked to approve the rights offering and a mechanism to accommodate the debt conversion.
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