Saudi Arabia Regulator To Resume Trade In Mobily Shares On Thursday

The regulator had suspended Mobily’s shares last Wednesday, after the company announced it had suffered a $243 million loss in 2014.



Saudi Arabia’s Capital Market Authority said on Wednesday it would allow trading in shares of telecommunications firm Etihad Etisalat (Mobily) on Thursday, after the company disclosed details of its financial troubles.

The regulator had suspended Mobily’s shares before trading began last Wednesday, after the company announced it had suffered a $243 million loss in 2014 and expected to breach covenants on long-term loans.

On Wednesday this week, Mobily issued a stock exchange statement giving details of the covenant breach and saying it believed it could still meet all of its debts.