Etihad Etisalat (Mobily), the Saudi mobile operator, is making a new move in an effort to acquire a stake in local fixed-line operator Etihad Atheeb Telecom (Go) via one of its subsidiaries.
The company told the Saudi Stock Exchange that its unit…
Etihad Etisalat (Mobily), the Saudi mobile operator, is making a new move in an effort to acquire a stake in local fixed-line operator Etihad Atheeb Telecom (Go) via one of its subsidiaries.
The company told the Saudi Stock Exchange that its unit Bayanat will submit, for regulatory approval, a draft memorandum of understanding outlining the conditions for the purchase of a controlling stake in Go.
In early June, Mobily had announced it was eyeing the fixed-line operator but added that talks were at a preliminary, non-binding stage. Neither the size of the interest targeted nor its value has been disclosed.
Go and Mobily already signed an MoU in December last year for the former to provide the latter with fixed voice services.
Go’s largest shareholders are Atheeb Trading Company with a 16.4% stake, Batelco with a 15% stake, Al Nahla Group with a 13.9% and Traco Trading and Contracting with a 5.9% stake. The remaining shares are publically traded.