Emirates International Telecommunications Malta, which holds a 60 per cent share in Go, did not say how it plans to divest its stake
Ben Hamida served as the CFO at Egyptian phone operator Mobinil from 2011
Mobily said that the new CEO has “a proven track record of success in the area of financial management, audit and operations”
Tolga Aykut discusses climbing the corporate ladder with du chief commercial officer Fahad Al Hassawi
The company has been rocked by accountancy issues which have forced it to restate financial statements dating back to 2013
Virgin Mobile said the investment would be used to grow its regional operations
Saudi Arabia’s Mobily, 28 per cent owned by Etisalat, said earlier that it would reissue its 2014 and first quarter 2015 financial statements
The company made the statement after a team appointed by the Capital Market Authority identified concerns over Mobily’s contracts with customers
The telecoms firm is lifting a ban on foreign ownership of its shares, with a new cap set at 20 per cent of its stock
Cuts to fees on calls and text messages would be introduced from April 1, 2016
The regulator has been investigating Mobily after the firm slashed 18 months of previously announced profits.
The offenders reportedly include board members and senior executives who were in charge at the time violations were committed in Mobily.
The global mobile technology industry made revenues of almost $3.3 trillion in 2014 and is directly responsible for 11 million jobs.
The regulator has asked the telecommunications operator to clarify information related to one of its businesses.
The firm had posted falling profits in eight of the preceding 10 quarters.
Omantel said its first-quarter net profit was impacted by losses at subsidiaries.
The telecoms firm had reported declining profits in four of the previous six quarters.
The company made a net profit of BD14.2 million dinars in the first quarter of 2015.
Last June, the company sold $4.3 billion worth of maiden bonds in four tranches.
The firm made a net profit of Dhs487.1 million in the three months to March 31.
The firm, a subsidiary of Qatar’s Ooredoo, made a net profit of KD2.2 million in Q1 2015.
Iraq’s three mobile networks were required to float a quarter of their shares by August 2011 as part of their 15-year licences awarded in 2007.
The company is also holding talks with another bank about the possibility of restructuring a further SAR99.6 million of debt.
Mobily, which is under investigation by the bourse regulator, reported a first-quarter loss of SAR199 million ($53 million).
Mobily, an affiliate of the United Arab Emirates’ Etisalat, made a net profit of SAR199 million in the first quarter of 2015.
The firm made a net profit of SAR2.50 billion in the first quarter of 2015.
Etisalat made net profit of Dhs2.18 billion ($593.6 million) in the first quarter of 2015.
The fine was imposed because of a nine-hour service interruption last year.
The company had 2.72 million mobile and fixed line subscribers as of March 31, up 12 per cent from a year earlier.
Full year revenue rose 31 per cent to KD238.97 million in 2014, while operating costs increased eight per cent to KD126.26 million.