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Etihad Atheeb Surges 10 Percent After Stock Resumes Trading

March 24 (Bloomberg) -- Etihad Atheeb Telecom Co. 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 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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