| 30 Mar 2010 |
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Etisalat to boost Mobily stake
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Abu Dhabi: The UAE's EtisalatEtisalat
, one of the region's farthest-reaching mobile operators and a key shareholder in Saudi Arabia's namesake, Etihad Etisalat (Mobily)Etihad Etisalat (Mobily), is to up its 27% stake in the Saudi operator by snapping up outstanding shares on the market, said Mohamad Hassan Omran, the company's Chairman.Omran would not say how much of MobilyMobily EtisalatEtisalat intends to own.
After EtisalatEtisalat's general assembly meeting, in which it approved a 60% dividend and a 10% giveaway, Omran only offered that his company is working to determine a fair price at which it would buy more of MobilyMobily's outstanding shares.
would finish its buying spree by the end of the year, adding that all of the company's foreign investments are sound and well contemplated.Pundits say that EtisalatEtisalat
owes its interest in owning a bigger chunk of MobilyMobily to the latter's mushroom-like growth throughout its five years of operation, raking in phenomenal cash flow and gaining customers by the thousands.They added that MobilyMobily became the region's leading mobile broadband provider, thus becoming one of the best companies for long-term investment. Reports by reputable research houses say that MobilyMobily is fully capable of continuing to gain market share for sustained growth, especially with its unrivaled mobile data services, for which market the sky appears to be the limit in a connectivity-hungry society.
In a recent meeting, MobilyMobily
's general assembly had approved a net profit distribution of SAR 1.25 per share. MobilyMobily's net profit for the crisis-hit 2009 was at SAR 3.014 billion, a figure that bested 2008's by 44%. Gross profits for 2009 reached a whopping SAR 7.547 billion, topping 2008 by 25%. MobilyMobily's operational profits stood at SAR 3.208 billion, 29% more than 2008.-Ends-
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