Zain Saudi Arabia said on Monday that a decision by the government to extend its licence in the kingdom by 15 years would reduce its annual amortisation charge by 433 million riyals ($115.4 million) starting from the date of the extension.
The licence extension will reduce its net losses by the same amount, the company added.
The Capital Market Authority on Sunday suspended trade in the shares of the kingdom's listed telecommunications operators after the government decided to extend their licences. In addition, the government said it would provide the firms with "unified licences" allowing them to offer all telecommunications services. It did not give details.
Atheeb Telecommunication Co said on Monday that the government's decision would reduce the company's annual costs by 9.7 million riyals ($2.6 million).For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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