Mobily raises capital with bonus share offer

Saudi's second largest telco set to raise firm's capital by 10 percent in 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 SAR7.7bn (US$2.05bn), it said in a bourse statement on Saturday.

The company enjoyed surging profit growth last quarter, outperforming analyst forecasts with net earnings of US$501m, even as net income at its main competitor, Saudi Telecom Company, dropped.

Mobily is aiming to focus on growing revenue from data and corporate customers, its CEO 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 January 20, it said.

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