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Morgan Stanley to manage Etihad Etisalat share sale

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 29 October 2008
CAPITAL INCREASE: Etisalat's Saudi affiliate is selling an additional 200 million shares. (Getty Images)
CAPITAL INCREASE: Etisalat's Saudi affiliate is selling an additional 200 million shares. (Getty Images)

Etihad Etisalat Co., the second- largest mobile-phone service provider in Saudi Arabia, has appointed Morgan Stanley as adviser and underwriter of its share sale, the Saudi Press Agency reported on Tuesday.

Etihad also appointed co-managers to the share sale, including Al-Rajhi Financial Services, Al-Riyadh Financial, Al-Jazira Capital and
Al-Arabi Investment, SPA reported from an agreement-signing ceremony in Riyadh.

Etihad began the sale of 200 million shares to existing stockholders on Oct. 27 as it seeks to raise 2 billion riyals ($530 million). The funds will
help the company increase its capital by 40 percent to 7 billion riyals, the agency said.

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