Mar 30 2010 |
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Etisalat to boost Mobily stake
Abu Dhabi: The UAE's Etisalat , one of the region's farthest-reaching mobile operators and a key shareholder in Saudi Arabia's namesake, 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 Mobily Etisalat intends to own.
After Etisalat '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 Mobily 's outstanding shares.
He added that Etisalat 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.
They added that Mobily 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 Mobily 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.
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© Press Release 2010
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