The Capital Market Authority’s (CMA) probe into Mobily's financial practices will help the operator regain confidence of investors, said Soliman Al Gwaiz, chairman of the company.
Al Gwaiz said that problems with Mobily's financial statements are currently being identified, accounting policies are being revised, and a compliance department is being added to ensure the correct application of operational policies.
“Mobily should be able to meet all debts within the next two years,” he added in an interview with Saudi Arabia’s state television.
Saudi’s market regulator lifted on Thursday a week-long trading halt placed on the company’s shares after Mobily announced some of the reasons behind its financial troubles.
The kingdom’s second largest telecom operator had reported that it lost a staggering SAR 913 million in its audited financials for fiscal year 2014. The company previously said that it made a net profit of SAR 220 million in its preliminary results.
The market regulator said it has assigned its own independent audit team to review Mobily’s statements and that outcomes will be publicly announced with no reservations, according to data compiled by Argaam.
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