Saudi Equity Movers: Zain Saudi, Mobily, Al-Babtain Power
The following stocks were active in Saudi Arabia’s market.
Al-Babtain Power & Telecommunication Co. (ALBABTAI AB) climbed 0.4 percent to 25.60 riyals. The Riyadh-based company said it has filed a final, unconditional offer to acquire all assets of Petitjean SAS of France. A court will make a decision regarding the offer on Jan. 31, the company said.
Etihad Etisalat Co. (EEC) advanced to the highest close since February 2008, gaining 0.9 percent to 56.5 riyals. The board of Saudi Arabia’s second-largest phone company, also known as Mobily, recommended paying quarterly dividends for fiscal 2012.
Zain Saudi Arabia (ZAINKSA) surged the most since March, adding 8.9 percent to 6.70 riyals after the unit of Kuwait’s Mobile Telecommunications Co. said investors approved the extension of its 9.75 billion-riyal ($2.6 billion) Murabaha facility for an additional six months.
To contact the reporter on this story: Mourad Haroutunian in Riyadh at email@example.com
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org