Mobily plans 10pc bonus share issue
Dubai, November 19, 2012
Saudi Arabia's Etihad Etisalat (Mobily) will launch a 10 per cent bonus share issue, the telecom operator said in a statement to the kingdom's bourse on Monday.
Mobily, an affiliate of the United Arab Emirates' Etisalat, will give shareholders one new bonus share for every 10 held, subject to regulatory approval. This will raise the number of shares issued to 770 million from 700 million.
Each share has a nominal value of 10 riyals, meaning the company's capital will increase to 7.7 billion riyals from 7 billion riyals currently.
Saudi's No.2 operator will finance the capital increase through its retained earnings, Mobily said, adding it may distribute more bonus shares in the coming years.
Higher revenue from business and data units and rising sales of smart phones helped Mobily report a 23 percent rise in third-quarter net profit in October.
The company's shares were down 0.7 percent on the Saudi bourse. – Reuters
More IT & Telecommunications Stories
- Windows XP users warned on usage risks
- Tecom units welcome 181 new companies
- Ooredoo chairman joins WB gender equality council
- Mobily, Jasper start wireless M2M service
- Telecom Egypt expects mobile licence in Mar or Apr
- Sandvine wins big Etisalat follow-on order
- Aveva software for engineering plant design
- Nawras to upgrade VSat services across Oman
- Mobily, Huawei sign smart network contract
- Etisalat, Tata launch video connect service
- Talia seals new partnership with Thuraya
- 4-pillar approach for telecom operators to boost growth
- Dubai mobile emissions below global standards
- Nawras signs capacity contract with SES
- Etisalat showcases satellite solutions at Cabsat
- Batelco launches 4G LTE roaming
- Gulf Air clinches best innovation award
- Viva inks Pepsi partnership deal
- Du offers free smarphones on tablet purchase
- Batelco launches double credit promotion
- Cyber threats focus of Bahrain security talks
- Bahrain tech expo to honour innovators
- Scope ME named distributor for InfoWatch
- Nawras quadruples 3G+ mobile services
- Menatelecom expands bill paying network
- Du joins new global cable consortium
- Kuwait moves to create telecoms watchdog
- Batelco backs Royal Fund for Martyrs
- Egypt's Global Telecom posts $749m Q4 loss
- Red Hat launches open source BPM suite