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25 June 2024

Saudi Mobily founders to sell shares, to hike capital

By Agencies


Etihad Etisalat (Mobily), Saudi Arabia's second mobile telephone operator, plans to raise its capital 40 per cent by issuing new shares, the company said on Tuesday.

Mobily's founding shareholders, who include Emirates Telecommunications Corp and six Saudi institutional investors, will sell 100 million shares which represent 20 per cent of its capital, it said in a statement.

The firm plans to issue 200 million new shares at 10 riyals each. Founding shareholders will take 60 percent of the new shares, Mobily said in a statement.

Mobily's founding shareholders will sell 20 percent of their shares in the company, the firm added. (Reuters)