|
CAPITAL MARKET AUTHORITY
APPROVES THE START OF TRADING OF ETIHAD ETISALAT SHARES FROM MONDAY
AL KAF EXPRESSES ETIHAD ETISALAT’S GRATITUDE TO THE CMA
AND TADAWUL
Riyadh, December 18, 2004 –
Etihad Etisalat the winner of the second Mobile license in Saudi Arabia will
have its shares publicly traded beginning Monday December 20, 2004, as per
approvals received from the Capital Markets Authority (CMA).
Mr. Khalid Al Kaf, Managing Director of Etihad Etisalat said,
“On behalf of Etihad Etisalat I would like to extend our sincere thanks to the
CMA and Tadawul for their diligent efforts, furthermore we at Etihad Etisalat
look forward to adding value not only to our customers but also to the Saudi
Stock Market”. He further added, “Our plans are on schedule with regards to
Etihad Etisalat’s network roll out, however the early launch of services would
substantially depend on the timely provisioning of interconnection services from
the incumbent STC”.
Etihad Etisalat would be trading under the assigned short
name of “Etihad Etisalat” with the Ticker symbol of ‘7020’. 20% of Etihad
Etisalat’s equity, comprising of 20 million shares of nominal value of SR 50
each, are in the public domain. This is likely to increase to 40% in three
year’s time as per the rules of Etihad Etisalat’s License.
With regards to the planned 40% Rights Issue, Mr. Al Kaf
commented that this would greatly depend on the support and approval of the
concerned authorities.
It may be noted that Etihad Etisalat convened its Constituent
Assembly meeting in Riyadh on November 28, 2004, during which the shareholders
voted and appointed the first Board of Directors comprising of: Mr. Abdulaziz Al
Sughyir, Mr. Ibrahim Saif, Mr. Mohammed Hassan Omran, Mr. Saeed Binzagr, Mr.
Obaid Bin Mes’har, Mr. Abdul Aziz Al Jomaih, Dr. Mazen Hassounah, Mr. Essa Al
Haddad, and Dr. Fahd Al Mubarak.
Etihad Etisalat successfully completed its IPO on 11th
of Ramadan 1425 corresponding to October 25 2004, which was 51 times
oversubscribed and with 4.276 million subscribers it is the biggest of its kind
in the Kingdom to date.
Go Back to News | 
