Mobily Raises Capital With Bonus Share Offer
Shareholders of Saudi Arabia’s second largest telecoms company Etihad Etisalat (Mobily) have approved its decision to raise the firm’s capital by 10 percent to SR7.7 billion ($2.05 billion), it said in a bourse statement Saturday.
The company enjoyed surging profit growth last quarter, outperforming analyst forecasts with net earnings of $501 million.
Mobily is aiming to focus on growing revenue from data and corporate customers, its chief executive told Reuters last month.
The capital increase will be made through the issuance of bonus shares to existing shareholders who were registered with the company at the end of trading on Jan. 20, it said.
‘4G Connect’ at competitive rates
Meanwhile, Mobily has launched a special offer through its data arm, Bayanat Al Oula, where new subscribers are able to get a discount on unlimited 4G bundles.
The offer highlights the company’s vision to provide 4G services at compatible prices. The new subscribers can now get three months unlimited 4G for SR333, and six months for SR555, including the modem from any outlet in the Kingdom, as all Mobily’s outlets are ready to provide these services to pre-paid and post-paid subscribers, Mobily said.
Mobily has set a new world record in daily 4G data transmission, which reached more than 400 terabytes per day, outperforming the previous numbers registered for 3G. The company’s vision in promoting 4G infrastructure to cover more than 78 percent of the populated areas in the Kingdom helped to attain this remarkable record.
Mobily is pioneering telecommunication sector through adopting innovation and understanding customers’ needs through striving to enrich their lives with the latest products and services.
Mobily is now intensifying its efforts to promote the 4G network, where it has recently announced the cover of more than 4,500 sites with the advanced LTE-4G network in accordance with the company’s technical plans to cover all the populated areas in the Kingdom in a short period of time.
Saudi Gazette
