Mobily eyeing stake in Atheeb
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Mobily eyeing stake in Atheeb

Mobily eyeing stake in Atheeb

Saudi Arabia's second-largest mobile company Etihad Etisalat (Mobily) has announced it is in talks to buy a stake in loss-making fixed-line operator Etihad Atheeb, Reuters has reported. The two firms have entered non-binding talks for a Mobily subsidiary to buy a stake in Atheeb, said Mobily, adding that June 30 has been set as the deadline to announce "relevant developments." Batelco owns 15% of Atheeb, Atheeb Trading Co holds 16.4% and Al Nahla Group has a 13.9% stake, with 49% of shares publicly traded. Atheeb, which a made a net loss of SR274.1m in the financial year ending March 31, cut its capital to SR400m from SR1bn in 2011 to offset some of its accumulated losses, as per Saudi bourse rules. It then completed a SR1.18bn rights issue the following year.

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