Saudi regulator to lift trading halt on Mobily shares Thursday

04/03/2015 Argaam

 

Saudi Arabia’s regulator, the Capital Market Authority (CMA)​ said on Wednesday that it will lift the trading halt placed on shares of Etihad Etisalat Co. (Mobily)on Thursday.

The regulator's decision comes after Mobily announced the reasons behind its financial troubles. The company also said that it would meet all of its debt obligations.


Last Wednesday, Mobily’s shares were suspended when it announced a net loss of SAR 913 million ($243 million) for last year's audited results after reporting a net profit of SAR 220 million($58.7million) in preliminary financials. ​At the time, the operator said it expected to breach long-term loan agreements.

 

On Monday this week, ​the market regulator said on its website that it is investigating possible insider trading in the shares of Mobily.

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