Telecom shares suspended in KSA as part of licensing move

Zain KSA's licence extended for 15 years
A Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters/FAISAL NASSER)
A Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters/FAISAL NASSER)

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Saudi Arabia's securities regulator has suspended trade in the shares of the kingdom's listed telecommunications operators after the government decided to extend their licences, as reported by Reuters.

The CMA said it was acting after the government decided to extend the licence of Zain Saudi Arabia for 15 years, and also allow other telecommunications firms to extend their licences. The government would be entitled to 5 percent of each company's annual net income during the extension period.

Shares in Zain Saudi, Etihad Etisalat (Mobily) , Saudi Telecom and Atheeb Telecommunication will be suspended until the companies announce the impact of the government's order on them, the CMA said.

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