RIYADH, 21 February 2008 — Etihad Etisalat (Mobily), Saudi Arabia’s second largest mobile telephone operator, said yesterday it proposed a dividend of SR0.5 ($0.13) for 2007, its first ever since it started business in May 2005.
The proposed dividend will be subject to approval by the company’s shareholders at an assembly of which the date will be fixed later, the company said in a statement on the bourse website.
The proposed dividend will result in a total payout of SR250 million. The firm made a net profit of SR1.38 billion in 2007 or SR2.76 per share up from SR1.4 per share in 2006.
UAE’s Emirates Telecommunications Corp. owns a 35 percent stake and six Saudi institutional investors including the state-run Public Pension Agency and the General Organization for Social Insurance (GOSI) have 45 percent of the firm’s shares.
