Mobily to distribute $1m to shareholders

Operator distributes funds raised from sale of fractional shares
Mobily raised $1m from the sale of fractional shares.
Mobily raised $1m from the sale of fractional shares.

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Saudi Arabian telecom operator, Mobily, said that it will distribute SR 3.8m ($1,029m) to shareholders.

Mobily raised the funds from the sale of 53,245 fractional shares on January 20. The fractional shares resulted from a capital increase that saw the company raise its capital to SR 7.7 billion last month.

Mobily said that it would deposit the sale proceeds in shareholders bank accounts linked to their investment portfolios, through Al Rajhi Bank, on February 11.

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