Etisalat to boost Mobily stake

30 Mar 2010

UAE’s Etisalat has said it will increase its 27% stake in Saudi cellco Etihad Etisalat (Mobily) by snapping up outstanding shares on the market, according to Mohamad Hassan Omran, the company’s chairman. Omran would not say how much his company would increase its holding.

In a recent meeting, Mobily’s general assembly approved a net profit distribution of SAR1.25 per share. Mobily’s net profit for 2009 was SAR3.014 billion, a 44% increase on the previous year.

Saudi Arabia, Etisalat UAE, Mobily (Etihad Etisalat)