Zain Saudi owed Mobily SAR2.2 billion as of Nov. 30, 2013, a statement said.
In October, Vodafone Qatar announced it had reached a non-binding agreement to buy QNBN.
The Bahraini telecom operator paid $416.2 million for a 96 per cent stake in Umniah in 2006.
Errors in Mobily’s accounting led the company to restate 18 months of previously-announced earnings, wiping out $381 million of prior profits.
Zain and its rival Asiacell had baulked at government demands to pay $307 million for 3G spectrum for seven to eight years remaining on their $1.25 billion mobile licences awarded in 2007.
The company made a net profit of OMR30 million ($77.9 million) in the three months to Sept. 30, up from OMR29.1 million in the year-earlier period.
The new OTT players have helped the telecoms provider boost revenues from data usage, says the CEO.
The move comes after the telecommunications firm posted a shock third-quarter profit drop last week due to the accounting issues.
Mobily’s latest drop takes the stock’s losses to 27 per cent since resuming trading on Tuesday.
Mobily announced it had cut profits for 2013 and the first half of 2014 by a combined SAR1.43 billion because of accounting errors.
Etisalat owns 27.5 per cent of Mobily, which on Monday cut its profits for 2013 and the first half of 2014 by a combined SAR1.43 billion ($381.2 million), citing accounting errors.
Vodafone made a net loss of SAR53.5 million ($14.69 million) in the third quarter of 2014, the company said in a statement.
Mobily asked for its shares to be suspended on Thursday, seeking more time to review unspecified “significant matters” in its financial statements.
The firm took extra provisions of SAR207 million for bad debts, slow-moving inventory and goodwill impairments on its investments.
The iPhone 5s also registered the largest increase in its market share during the second quarter, the UAE’s telecom regulator said in its quarterly report.
The suspension was requested because its audit committee was meeting to consider “significant matters relating to its financial statements”, a statement said.
Batelco attributed the profit rise to strong contributions from the group’s international operations.
Almost half of Etisalat’s third-quarter revenue came from its international operations.
Zain Saudi made a net loss of SAR316 million ($84.23 million) in the three months to Sept. 30.
The firm made a net profit of Dhs558.7 million ($152.11 million) in the three months to Sept. 30.
The company made a net profit of SAR3.37 billion ($898 million) in the three months to Sept. 30.
Ooredoo Kuwait has slipped to third in terms of mobile subscribers in its domestic market.
Nawras had 2.51 million subscribers as of Sept. 30, up 6.5 per cent from a year ago.
UAE-based Etisalat owns 28 percent of Mobily.
Money raised from the offering will be used to fund upgrades of its network infrastructure as well as expand its super-fast 4G LTE offering in the kingdom.
Vodafone Qatar will buy 100 per cent of Qatar National Broadband Network, comprising 21 million shares.
The two brands being launched by Virgin Mobile Middle East and Africa are Virgin Mobile, aimed at the youth market, and Friendi Mobile, targeting Saudi’s expatriate workers.
Viva said the launch of its next-generation mobile network – which allows web download speeds several times faster than its predecessor 3G – will help boost its revenues.
The rise in registrations on the UAE’s national domain also indicates an increase in the amount of Arabic content online, the telecoms regulator said.