Saudi Arabia suspends telecom shares on licensing move

Oct 05, 2016, 01:33
Saudi Arabia suspends telecom shares on licensing move

Saudi Telecom Co said the decision to grant telecommunications operators with "unified licences" would provide positive opportunities for the company across its business.

Other operators are expected to be granted similar 15-year extensions.

The regulator has also made a decision to provide the unit of Kuwait's Zain with "unified licences", allowing them to offer all telecommunications services such as mobile phone, land line and Internet services.

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A condition of the 15 Hijri year license extension will result in the KSA government's additional entitlement of 5 percent of Zain Saudi Arabia's annual net income throughout the extension period.

Aramex may attract interest after it said it had established an e-commerce joint venture with state-owned Australia Post, in a move that could herald a new expansion drive by the Dubai company.

Saudi Telecom was the only carrier with a unified license, which allowed the company to provide mobile phone, land line and internet services.

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Saudi Arabia's Capital Market Authority has suspended the share trading of four major telecommunication companies in the kingdom following the move to overhaul the sector's licensing system.

The Saudi stock index, which has been tumbling because of concern about the impact of government austerity measures on the economy, gained 0.8 per cent in the first 45 minutes of trade. At the end of 2014 it allowed the introduction of two MVNOs in the country and previous year it reduced call connections fees.

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