Mobily, shareholders extend deadline for GO takeover to January 2014

28 Nov 2013

Bayanat Al-Oula, a subsidiary of Etihad Etisalat (Mobily), Saudi Arabia’s second largest cellco in terms of subscribers, and the main shareholders of Etihad Atheeb Telecom (GO Telecom), has extended the deadline for the completion of the conditions outlined in the memorandum of understanding (MoU) for the controlling stake in the Saudi fixed line and broadband operator to 30 January 2014.

As previously reported by TeleGeography’s CommsUpdate, Bayanat Al-Oula inked the agreement with Atheeb Trading Company, Batelco of Bahrain and Al-Nahla Trading Company on 20 August 2013. The proposed transaction is subject to regulatory approval by the Kingdom’s telecoms watchdog the Communication and Information Technology Commission (CITC) and Saudi Arabia’s Capital Market Authority (CMA), and the satisfactory completion of specific commercial, financial, legal and technical conditions; a 30 November 2013 deadline was initially earmarked.

GO is currently owned by Atheeb Trading Company (which holds a 25% stake), Batelco of Bahrain (15%) and Al-Nahla Trading Company (13.7%), with the rest of the shares publicly owned.

Saudi Arabia, Bahrain Telecommunications Company (Batelco), Etihad Atheeb (GO Telecom), Mobily (Etihad Etisalat)