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Saudi Regulator Suspends Etihad Atheeb Telecom After Loss

May 24 (Bloomberg) -- The Saudi markets regulator suspended trading in the shares of Etihad Atheeb Telecommunications Co. after the company reported a widened loss for the year ended March 31.

The shares will be suspended as of tomorrow and until the company’s situation, the Capital Market Authority said in a statement on the Saudi bourse website today.

Etihad Atheeb’s full-year loss widened to 575.1 million riyals ($153 million) from 379 million riyals a year earlier, the Riyadh-based company said in a statement to the Saudi bourse earlier in the day.

The shares dropped 1.9 percent to 7.75 riyals before the bourse announcements, giving the company a market value of 775 million riyals. The stock has lost 49 percent since the beginning of the year.

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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