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FIRM NOT TO PAY DIVIDEND

Mobily sacks CEO after accounting probe

RIYADH, February 25, 2015

Saudi Arabia's Etihad Etisalat (Mobily) has sacked its chief executive Khalid Al-Kaf, who had been suspended since November pending an investigation into accounting practices at the telecom operator, it said on Wednesday.

Al-Kaf had been suspended on November 23 after the company restated 18 months of earnings due to what it said was an accounting error.

The kingdom's No 2 operator said Al-Kaf had offered to resign on February 21.

Mobily said in a separate statement that it would not pay a dividend for the fourth quarter of 2014, for which it reported a loss of SR2.28 billion ($607.94 million). It is the second quarter in succession in which it has not paid a dividend.

On Tuesday, the company announced that its chairman Abdulaziz Al-Saghyir had resigned with immediate effect due to health reasons.

Mobily appointed Suliman bin Abdulrahman Al-Gwaiz as chairman, effective February 23.  - Reuters




Tags: Telecom | Saudi | Mobily |

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