Zain Saudi's US$1.6 billion rights issue, which closes today, has so far sold only 54 percent of shares available, reports Reuters, leaving shareholder Zain and the underwriting banks liable to make up the remainder. According to the report, this could potentially lift the Kuwait-based operator group’s shareholding in Saudi Arabia's number-three operator to above 50 percent from 25 percent at present, forcing the firm to consolidate loss-making Zain Saudi's earnings onto its balance sheet.