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Saudi’s Atheeb blames losses on rival

Saudi-based fixed line provider Atheeb Telecom has blamed the competition for mounting losses that led to its shares being suspended on the kingdom's bourse, Reuters has reported. Atheeb, which is 15% owned by Bahrain's Batelco, now has accumulated losses of 95% of its capital. Saudi market rules call for a suspension if losses exceed 75%. "The company incurred in the recent period large losses of capital as a result of uncompetitive behaviour and practices from the controlling operator,' Atheeb chairman Prince Abdul-Aziz Ahmed bin Abdul-Aziz told the news service.