Etihad Atheeb Telecom Co. (EAT) rose 10 percent, or the maximum fluctuation allowed in a trading session, as the Saudi phone company resumed trading after a 10- month suspension.
The shares advanced to 13.60 riyals at 11:01 a.m. in Riyadh. The price of the stock was amended to 12.40 riyals after shareholders approved a plan on Aug. 6 to lower the capital of the Riyadh-based company and on Jan. 14 to raise it, the Saudi Stock Exchange said in a statement on March 21.
The Saudi markets regulator suspended trading in Atheeb’s shares from May 25, 2011 after the company reported a wider loss for the fiscal year ended March 31, 2011.
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org