Mobily floats 20 per cent equity in Saudi Arabia

Riyadh: Etihad Etisalat, the second mobile service provider in Saudi Arabia, announced the completion of listing 20 per cent equity of founders in the Saudi Capital Market.

"The process of selling 100 million shares by founding shareholders in line with the percentage of stake held by each in the company has met with a resounding success," the company sources said.

This was in line with the royal decree issued for the formation of the company to launch the second mobile phone company in Saudi Arabia, ending the monopoly of Saudi Telecom.

The royal decree envisages floating of 20 per cent equity for subscription by the public in the third year after formation of the company, according to a Mobily press statement.

Meanwhile, Zain Saudi Arabia, the subsidiary of Kuwait's Zain telecoms group, won license from the Saudi Telecommunications and Information Technology Commission to operate mobile telecommunication service in Saudi Arabia.