Saudi’s Mobily says board recommends not paying Q1 dividend
Mobily has appointed Khalifa Hassan Al Shamsi as managing director
Dubai: The board of Saudi Arabia’s Mobily has recommended that the loss-making telecommunications operator not pay a dividend for the first quarter of 2015, it said on Thursday.
Mobily, which is under investigation by the bourse regulator for insider trading and share price manipulation, this week reported a first-quarter loss of 199 million riyals ($53 million).
Mobily also announced the appointment of Khalifa Hassan Al Shamsi as managing director.
Shamsi will replace Khalid Al Kaf, who left Mobily in February following an earnings scandal.
In November, the company restated 18 months of earnings and then posted a huge loss in the final quarter of last year. It also restated its 2014 earnings in February, which revealed the company had made a full-year loss.
“The company will evaluate the feasibility of distribution of dividends for the coming quarters,” Mobily said in a Thursday statement to Riyadh’s bourse.
