Saudi’s Atheeb Telecom said on Tuesday it filed a court case against Saudi Telecom (STC) for violating regulatory and anti-monopoly laws, according to a bourse statement.
“The reason for Atheeb Telecom filing this case is due to the violations of STC with regard to the telecom regulations and the anti-monopoly laws which resulted in preventing Atheeb telecom from making large revenues, leading the company to make losses,” the firm said.
Atheeb Telecom rose on Saudi Arabia’s index TASI after the fixed line provider said it had filed a court case against STC.
Atheeb, in which Bahrain Telecommunications Co (Batelco) holds a 15 percent stake, climbed 1.9 percent in early trade.
Saudi Telecom fell 0.3 percent.
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