Saudi Arabia Regulator Suspends Trade In Mobily Shares

The regulator has asked the telecommunications operator to clarify information related to one of its businesses.



Saudi Arabia’s stock market regulator said on Wednesday it had suspended trade in the shares of telecommunications operator Mobily for two hours to give the company time to clarify information related to one of its businesses.

The Capital Market Authority did not provide any more information in its statement. Mobily had not yet started trading for the day.

The company is planning to sell its telecommunications towers portfolio for up to $2 billion, The Wall Street Journal reported on Tuesday, citing unnamed sources.