Saudi Regulator Suspends Mobily Shares After 2014 Results Revision

Mobily on Wednesday said it had swung to a full-year loss in 2014, according to audited results.

Saudi Arabia’s Capital Market Authority suspended trading in the shares of telecommunications operator Mobily on Wednesday after the firm revised its 2014 financials, posting a loss instead of the earlier announced profit.

Mobily on Wednesday said it had swung to a full-year loss in 2014, according to audited results, also revealing it had breached loan covenants with various lenders.

The regulator said the shares would be suspended until Mobily discloses detailed reasons for the revisions and all other relevant developments.