Saudi regulator extends Mobily trading halt

29/06/2015 Argaam

The Capital Market Authority (CMA) decided on Monday to extend a trading halt placed on Mobily’s shares until the company can disclose its revised financial statements for 2014 and the first quarter of 2015.

 

Mobily, also known as Etihad Etisalat, said on June 27 that it would repost its financial results for 2014 and Q2-2015, but it has not yet, the market regulator added.

 

Following the CMA’s announcement, the company issued a statement to the bourse explaining that its talks with lenders are ongoing and faring well.

 

On Sunday, an investigation led by the market regulator found that Mobily should increase its 2014 losses by SAR 830 million to SAR 1.745 billion. First quarter profit was SAR 8 million.

 

The kingdom’s second-largest mobile operator has been in trouble for months after discovering financial irregularities and erroneous earnings reports. 

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