The board of directors of Saudi Arabia’s telecommunications operator Etihad Etisalat (Mobily) has recommended a total dividend payout of 1.11 billion Saudi riyals ($295.98 million) for 2023.

This translates into a cash dividend of 14.5%, or SAR1.45 per share,  the company said in a statement to the Saudi stock exchange on Sunday.

The distribution date will be notified after the approval of the general assembly.

Last month, Mobily signed a Murabaha financing deal with the Saudi National Bank (SNB) for SAR 4.8 billion.

The company, an affiliate of the UAE’s Etisalat, will use SAR 3.685 billion to partly refinance existing debt obligations amounting to SAR 5.333 billion.

(Editing by Brinda Darasha;