RIYADH Feb 9 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
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)