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Saudi- Mobily trading suspended over 'loss': Market regulator
(MENAFN- Arab News) RIYADH: Saudi Arabia's stock market regulator HAS suspended trading in one of the country's major telecommunication firms Etihad Etisalat after the company reported losses of $243 million last year.
The firm known as Mobily is a unit of Etisalat.
The suspension will run 'until Mobily discusses the reasons that led to a net loss amounting to SR913 million' after having earlier reported a preliminary net profit of SR220 million for the 12 months to December 31 the Capital Market Authority said in a statement carried by the Saudi Press Agency.
Etihad Etisalat meanwhile announced that its CEO Khalid Omar Al-Kaf had been removed Bloomberg News reported.
He had been suspended since November after the discovery of accounting errors.
The firm known as Mobily is a unit of Etisalat.
The suspension will run 'until Mobily discusses the reasons that led to a net loss amounting to SR913 million' after having earlier reported a preliminary net profit of SR220 million for the 12 months to December 31 the Capital Market Authority said in a statement carried by the Saudi Press Agency.
Etihad Etisalat meanwhile announced that its CEO Khalid Omar Al-Kaf had been removed Bloomberg News reported.
He had been suspended since November after the discovery of accounting errors.
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