Shareholders of Saudi Arabia's second largest telecoms company Etihad Etisalat (Mobily) have approved its decision to raise the firm's capital by 10 percent to SAR7.7bn (US$2.05bn), it said in a bourse statement on Saturday.
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The company enjoyed surging profit growth last quarter, outperforming analyst forecasts with net earnings of US$501m, even as net income at its main competitor, Saudi Telecom Company, dropped.
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Mobily is aiming to focus on growing revenue from data and corporate customers, its CEO told Reuters last month.
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Read more: http://www.arabianbusiness.com/mobily-raises-capital-with-bonus-share-offer-488883.html
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