Saudi's Mobily raises capital with bonus share offer
RIYADH Feb 9 (Reuters) - Shareholders of Saudi Arabia's second largest telecoms company Etihad Etisalat (Mobily) have approved its decision to raise the firm's capital by 10 percent to 7.7 billion riyals ($2.05 billion), it said in a bourse statement on Saturday.
The company enjoyed surging profit growth last quarter, outperforming analyst forecasts with net earnings of $501 million, even as net income at its main competitor, Saudi Telecom Company, dropped.
Mobily is aiming to focus on growing revenue from data and corporate customers, its chief executive told Reuters last month.
The capital increase will be made through the issuance of bonus shares to existing shareholders who were registered with the company at the end of trading on Jan. 20, it said.
(Reporting by Angus McDowall; Editing by Alison Williams)
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine forms new defense force, seeks Western help |
- Front companies, embassies mask North Korean weapons trade - U.N
- Freescale loss in Malaysia tragedy leads to travel policy questions