Saudi Arabia’s securities regulator has suspended trade in the shares of the kingdom’s listed telecommunications operators after the government decided to extend their licences, the Capital Market Authority (CMA) said on Sunday.
The CMA said it was acting after the government decided to extend the licence of Zain Saudi Arabia for 15 years, and also allow other telecommunications firms to extend their licences. The government would be entitled to 5 per cent of each company’s annual net income during the extension period.
In addition, the government said it would provide Zain and the other firms with “unified licences” allowing them to offer all telecommunications services. It did not give details of the new licences.
Shares in Zain Saudi, Etihad Etisalat (Mobily), Saudi Telecom Co and Atheeb Telecommunication will be suspended until the companies announce the impact of the government’s order on them, the CMA said.
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)