Mergers and Acquistions News
Categories: Telecoms
November 3rd 2008, 15:05PM
Ethihad Etislata (Mobily) has paid a total of 80 million riyals (£13 million) for the stake in Zajil.
According to the purchaser, a move was approved by Saudi Arabia's telecoms watchdog in July for a deal involving 96 per cent of Zakil's capital, reports Arabianbusiness.com.
The news provider notes that this is Mobily's second acquisition in 2008 alone.
The previous deal saw it purchase data systems firm Bayanat al-Oula for $400 million (£246 million)
Mobily recently launched a new investor relations section on its website which it claims is aimed at raising awareness of its financial performance.
According to the firm, it is looking to do this through "openness and adequate information".
Thamer Alhonsani, Mobily's chief financial officer, said: "We want to be perceived as a visible, accessible and credible company by dealing with all in a transparent manner, and providing a consistent flow of financial and other information."
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