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Business & Economy

Mobily plans 10% bonus share issue

JEDDAH: Etihad Etisalat (Mobily) will launch a 10 percent bonus share issue, the telecom operator said in a statement to the stock exchange.
Mobily will give shareholders one new bonus share for every 10 held, subject to regulatory approval. This will raise the number of shares issued to 770 million from 700 million.
Each share has a nominal value of SR 10, meaning the company’s capital will increase to SR 7.7 billion from SR 7 billion currently.
The company will finance the capital increase through its retained earnings, Mobily said, adding it may distribute more bonus shares in the coming years.
Higher revenue from business and data units and rising sales of smart phones helped Mobily report a 23 percent rise in third-quarter net profit in October.

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