Mobily Jumps to Highest Since 2007 After Refinancing Agreement

Etihad Etisalat Co. (EEC) rallied to its highest level in more than four years after a 10 billion-riyal ($2.7 billion) refinancing agreement with seven local banks.

The shares gained 2.1 percent to 60 riyals, the highest since October 2007, at the 3:30 p.m. closing in Riyadh. The stock has gained 14 percent this year.

Saudi Arabia’s second-largest phone operator known as Mobily refinanced three long-, medium- and short-term loans into one facility ranging between five and seven years.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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