Telco is under investigation by the bourse regulator for insider trading and share price manipulation
The board of Saudi Arabia's Mobily has recommended that the loss-making telecommunications operator not pay a dividend for the first quarter of 2015, it said on Thursday.
Mobily, which is under investigation by the bourse regulator for insider trading and share price manipulation, this week reported a first-quarter loss of 199 million riyals ($53 million).
In November, the company restated 18 months of earnings and then posted a huge loss in the final quarter of last year. It also re-stated its 2014 earnings in February, which revealed the company had made a full-year loss.
"The company will evaluate the feasibility of distribution of dividends for the coming quarters," Mobily said in a Thursday statement to Riyadh's bourse.