23 August 2012
Clifford Chance and Al-Jadaan & Partners Law Firm advise on two of the largest ECM deals in Saudi Arabia in 2012
Clifford Chance together with Al-Jadaan & Partners have advised Mobile Telecommunications Company Saudi Arabia ("Zain KSA") and Saudi Airlines Catering Company on two of the largest equity capital markets deals in Saudi Arabia in 2012.
Mobile Telecommunications Company Saudi Arabia (Zain KSA) right issue
Zain KSA has just completed a SAR 6 billion (USD1.6 billion) rights issue as part of a broader capital restructuring which firstly involved the company reducing its share capital by SAR 9.2 billion (USD 2.5 billion) before immediately increasing it by SAR 6 billion (USD1.6 billion). This was the first time that a Saudi listed company has reduced, then immediately increased, its share capital and the transaction represents the largest rights issue in the GCC in 2012. The Clifford Chance team was led by partner Mike Taylor, who was assisted by senior associate Nick Boyd and associate Mark Dickinson. The Al-Jadaan & Partners team was led by partner Khalid Al-Abdulkareem, who was assisted by Clifford Chance partner Omar Rashid (who is currently on secondment to Al-Jadaan) and associate Ahmed Al Rowaili.
Saudi Airlines Catering Company IPO
Saudi Airlines Catering Company's IPO of 30% of the company raised SAR 1,328,400,000 (approximately USD 362 million) and was the first IPO of one of Saudi Arabian Airline's five business divisions (being catering, cargo, maintenance, flight academy and ground handling) and one of the most high-profile and largest IPOs in Saudi Arabia this year. The Clifford Chance team was led by partner Mike Taylor, assisted by senior associate Mohammad Al Rasheed and associate Mark Dickinson. The Al-Jadaan & Partners team was led by partner Khalid Al-Abdulkareem who was assisted by associate Yasser Al Hussain.
Clifford Chance partner Mike Taylor comments: "These two deals reflect the growing appetite for the region's leading organisations to utilise the equity capital markets to raise capital. Our market leading equity capital markets and corporate practices continue to advise on the region's most innovative and high-profile deals. We are proud to have worked alongside both Zain KSA and Saudi Airlines Catering Company on these landmark deals."