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FINANCIAL NEWS
Saudi Mobily to buy 20 percent stake in Atheeb
01 May 2014
(MENAFN) Etihad Etisalat (Mobily) has announced its plan to buy 20 percent stake in Etihad Atheeb Telecommunications, according to Arab News.
Mobily, via wholly-owned subsidiary Bayanat Al-Oula, signed a memorandum of understanding with four of Atheeb”s founding shareholders on a purchase of a controlling interest in the firm in August.
Under the deal, Atheeb will cut its capital by canceling some shares in order to allow it to write off up to 100 percent of accumulated losses, or USD227.1 million worth at the end of 2013.
The company previously cut its capital by 60 percent in 2011 to offset accumulated losses before an earlier rights issue.
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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