Make MENAFN My Home Page
 
  Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Mobily to buy 20 percent stake in Atheeb  Join our daily free Newsletter

MENAFN - 01/05/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN) Etihad Etisalat (Mobily) has announced its plan to buy 20 percent stake in Etihad Atheeb Telecommunications, according to Arab News.

Mobily, via wholly-owned subsidiary Bayanat Al-Oula, signed a memorandum of understanding with four of Atheeb"s founding shareholders on a purchase of a controlling interest in the firm in August.


Under the deal, Atheeb will cut its capital by canceling some shares in order to allow it to write off up to 100 percent of accumulated losses, or USD227.1 million worth at the end of 2013.

The company previously cut its capital by 60 percent in 2011 to offset accumulated losses before an earlier rights issue.

 
 


MENAFN




Loading, Please wait....


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help