Saudi Arabia regulator resumes trade on Mobily shares

05/03/2015 Argaam

 

Etihad Etisalat Co. (Mobily) has been given the go-ahead to resume trading today after Saudi Arabia’s market regulator placed a week-long halt on the telecom operator’s shares.

 

The decision came after Mobily announced the reasons behind its financial troubles. The company also said it would meet all of its debt obligations. 

 

Last Wednesday, Mobily’s shares were suspended by the Capital Market Authority (CMA) when the company 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 ($58.7 million) in its preliminary financials. At the time, the operator said it expected to breach long-term loan agreements.

 

The market regulator said on its website on Monday that it is investigating possible insider trading in the shares of the company.

 

Mobily closed trading on Feb. 24, Tuesday’s session, at SAR 35.21 per share.

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