Mobily Board Reappoints Chairman and Managing Director

Published December 7th, 2009 - 11:09 GMT

The board of directors of Etihad Etisalat (Mobily) has agreed to extend the reappointment of Mr. Abdulaziz Alsughayir as a chairman for a second term, starting 1st of December 2009.

 

The board has also approved the retention of Mr. Khalid Omar Al Kaf, the company’s current CEO, as a managing director. The reappointments took place in a meeting of the board of directors held Sunday 6th of December 2009.

Mobily was established as a limited-liability company on 18th of August 2004 and began building up in the following December. With SAR 5 billion in capital, there were 100 million shares at a nominal rate of SAR 50 a share.

In 2006, the company split its shares five-fold to trade 500 million shares at an SAR-10 nominal rate. In late 2008, the company boosted its capital to SAR7 billion with a public offering of 200 premium shares.

Mobily, Saudi Arabia’s second mobile operator is one of the world’s fastest growing companies. Shortly after starting business on 25 May 2005, Mobily had its 3G service up and running, followed by a vast array of value added services. Today, Mobily is the Middle East’s biggest broadband provider.


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