Mobile Telecommunications Company (Zain) said that it received Mobily’s request of arbitration with regard to Mobily’s dues of SAR 2.2 billion resulted from the Service Agreement signed with Zain KSA in 2008.
The request included a compensation of SAR 58.7m that Mobily is claiming for losses caused by late payments; Zain said in a filing to Tadawul.
Zain added that the amount of SAR 2.2bn is exaggerated by Mobily while Zain has paid all dues to Mobily on a timely basis and the remaining amount is only SAR 13m.
Zain is still waiting for the supporting documents of Mobily’s claim for review and doesn’t expect this issue to affect its financial statements according to its current knowledge of the situation.
According to Argaam; the Capital Market Authority decided today to suspend the trading of both companies’ shares for one day to allow investors to check the news about Mobily’s dues from Zain.
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