Mobily says it is still talking to lenders on resetting loan covenants

Saudi Arabia’s Etihad Etisalat (Mobily) said talks were still continuing with lenders over resetting financial covenants, the company said in a bourse filing on Tuesday.

Mobily said in February that it was in discussions with banks after breaching terms relating to its debt facilities, but it hoped to conclude these negotiations in the second quarter of this year.

However, in Tuesday’s filing, the company said that discussions were still continuing, and that it would announce the results of these talks upon their completion.


In a separate statement, Mobily, the No 2 operator in the kingdom, added that it would reissue its restated financial reports for 2013 and 2014 once an external audit had been completed.

On Monday, The company revealed the effect on its financial statements of an investigation carried out by a team from the Capital Market Authority after problems were revealed last year with its accounting practices.

business@thenational.ae

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