Dubai: Saudi Arabia’s Etihad Etisalat (Mobily) said talks are still ongoing with lenders over resetting financial covenants, the company said in a bourse filing on Tuesday.
Mobily said in February it was in talks with banks after breaching certain terms relating to its debt facilities and it hoped to conclude these discussions in the second quarter of 2015.
However, in Tuesday’s filing, it said that discussions were still ongoing and that it would announce the results of these talks upon their completion.
Mobily — the no. 2 operator in the kingdom — added in a separate statement it would reissued its restated financial reports for 2013 and 2014 once an external audit had been completed.
The company revealed on Monday the impact on its financial statements from an investigation carried out by a team from the Capital Market Authority after problems were revealed last year with its accounting practices.
