Etisalat Asked to Complete Procedures

JEDDAH, 6 October 2004 — Etisalat Consortium, which won the Kingdom’s second mobile license, must complete licensing procedures before announcing plans to float its shares, the Commerce and Industry Ministry said yesterday. The Companies Act, the ministry said, specifies that a company is allowed to sell its shares only after completing its licensing procedures. “Etisalat presented its application only today,” the ministry said, adding that the procedures for licensing the company have not yet been completed. The head of the Capital Market Authority announced on Monday that the consortium’s initial public offering (IPO) of shares would start on Oct. 16 and last for 10 days.