Saudi Mobily Hires Ex-MTN, Orange Executives as It RestructuresVivian Nereim
Etihad Etisalat Co., the Saudi Arabian phone company that lost more than half of its market value since October, appointed a new top management team as it revises accounting policies following a regulator probe.
Ahmad Farroukh, former chief executive officer of MTN Group Ltd.’s South Africa unit, will be its new CEO, the telecom operator also known as Mobily said in a statement Sunday. The company also hired Kais Ben Hamida, who previously worked with Orange SA, Egyptian Co. for Mobile Services and Societe Generale SA, as its chief financial officer.
More than $9 billion of Mobily’s market value was wiped off since accounting errors were first reported. The company removed CEO Khalid Omar Al Kaf in February after saying the errors affected financial statements of 2013 and 2014.
Trading in the shares has been suspended since June 9 as the regulator waited for a response to its initial report into suspected violations of rules related to disclosures of financial information, market manipulation and insider trading. The company said on June 28 that its 2014 loss will increase by about $221 million after revising accounting policies.
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