Saudi’s Mobily Raises Capital With Bonus Share Offer

Shareholders of Saudi Arabia’s second largest telecoms company Etihad Etisalat (Mobily) have approved its decision to raise the firm’s capital by 10 per cent to 7.7 billion riyals ($2.05 billion), it said in a bourse statement on Saturday.

The company enjoyed surging profit growth last quarter, outperforming analyst forecasts with net earnings of $501 million, even as net income at its main competitor, Saudi Telecom Company, dropped.

Mobily is aiming to focus on growing revenue from data and corporate customers, its chief executive told Reuters last month.

The capital increase will be made through the issuance of bonus shares to existing shareholders who were registered with the company at the end of trading on January 20, it said.