Kuwait's Zain (formerly Mobile Telecommunications Co) plans to raise around $4.4 billion by selling stock to existing investors to finance expansion.

Zain said on Sunday it would raise its capital by 75 percent by selling shares at 850 fils ($3.10) per shares for expansion in Africa and the Middle East. There are 1,000 fils per Kuwaiti dinar.

Based on Zain's latest outstanding shares, it would be selling 1.42 billion shares to raise 1.21 billion dinars. Zain spokesman Ibrahim Adel declined to confirm the figure. Zain's shares closed on Sunday at 3.860 dinars. -Reuters