By James Exelby
UAE's Etisalat's Saudi affiliate plans to raise capital by selling 200mn shares for $530mn.
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 andAl-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 willhelp the company increase its capital by 40 percent to 7 billion riyals, the agency said.