Skip to main content

Saudi Arabia's bourse regulator on Monday said a suspension on the shares of Mobily will continue until the mobile operator discloses its restated financial statements for last year and the first quarter of 2015.

Mobily shares have been suspended since June 9, when the Capital Market Authority halted trading until the no.2 operator in the kingdom, also known as Etihad Etisalat, disclosed the financial impact of an investigation into its accounts.

This was announced by the company on June 28, with its 2014 loss widened by 830 million riyals to 1.745 billion riyals ($465.3 million) and its first-quarter losses changed to a small profit.

Although the firm said its full restated financials would be published before its second-quarter earnings are released, due to take place some time in July.

Mobily has been subject to increased regulatory oversight since November last year when the company restated a year and a half of earnings as a result of accounting errors related to timing of booking revenue from a promotional campaign.

Related Articles

Q&A with Edwin Northover, Debevoise & Plimpton LLP

Debevoise & Plimpton LLP won the Insurance Law Firm of the Year award at the ALB Hong Kong Law Awards 2024, apart from being the sponsor of the Insurance In-House Team of the Year award. Edwin Northover, Asia-based corporate partner and head of the firm’s financial institutions and corporate practices in Asia, talks about the firm's recent achievements, trends in the insurance industry, and future outlook for insurance law in Hong Kong.

Kramer Levin and Herbert Smith Freehills plan latest law firm mega-merger

by Reuters |

U.S. law firm Kramer Levin Naftalis & Frankel and global legal giant Herbert Smith Freehills are planning to merge to create a firm with more than 2,700 lawyers, according to a joint statement on Monday.

Tokyo International makes Singapore debut with SE Asia in its sights

by Sarah Wong |

Japanese boutique Tokyo International Law Office (TKI) is set to establish its first overseas outpost with the opening of a Singapore office in January 2025, marking a significant milestone in the rapidly expanding firm's global strategy.