Etisalat total share in the company has been reduced to 26.25% from 35%.
The Saudi Stock Market Authority's regulation, which is part of the initial foundation plan of Mobily, states that the founding members of Mobily should reduce their total shares in the company by 20%, which counts for a total of 100 million shares, within the first three years after foundation. Each of the founding members has therefore reduced their stake by 20% to meet the requirements.
Mobily announced earlier that the value of the transaction reached SR5.5bn, resulting in the founder shareholders benefiting by a total of SR4.5bn to be shared between them.
The Founders total shareholding in the company is now reduced to a total of 60% of the total capital with the public holding the balance increased to 40%.
Etihad Etisalat (Mobily) announced it has reached 11.1m mobile subscribers by the end of 2007, and that the number of subscribers in the mobile Internet service has exceeded 100,000 by the end of 2007.
Etisalat fulfils Saudi Stock Market Authority requirements
Etisalat announced it has completed another stage in its participation in the Kingdom of Saudi Arabia's telecommunications market by fulfilling the requirements of the Saudi Stock Market Authority in reducing its share in Mobily by 20%.
- United Arab Emirates: Tuesday, April 08 - 2008 at 07:40
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Press release issued by Corporate Communications Department - EtisalatFor further media information, please contact:
Ahmed Bin Ali, Vice President Corporate Communications
Tel: 02 6182173
Fax: 02 6334448
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, April 08 - 2008 at 07:40 UAE local time (GMT+4)
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