Mobily says mulling sale of telecom towers after shares suspended

Etihad Etisalat Co. (Mobily) said in a statement on Tadawul it is considering the sale of several telecom towers in Saudi Arabia for a deal worth between $1.5 billion to $2 billion.

The company added that no deal has been concluded yet after its shares were suspended by the market regulator for two hours during early trading.

The halt followed after the Wall Street Journal published a story quoting unnamed sources close to the matter saying that Mobily is planning to sell at least 10,000 of its towers for cash.