Mobily plans SAR 1.92 bln dividend for H1-14

Etihad Etisalat Co.’s (Mobily) shareholders approved a recommendation to distribute an interim dividend of SAR 1.92 billion at SAR 2.5 per share for the first half of 2014.

They also upheld the board’s recommendation to withhold cash dividends for Q3-2014 and Q4-2014, and rejected a move to discharge the company’s board of directors from liability for the 2014 fiscal year with a majority vote of 52 percent, the telco said in a statement to the Saudi bourse.

The decisions came during Mobily’s ordinary general assembly meeting in Riyadh on Tuesday, which also saw the approval of the company’s restated financial results and the auditor’s report for FY14.

A one-year contract with United Electronics (Extra) was also given the go-ahead. Under the agreement, the home appliance retailer will act as a distributor for the telco. 

PricewaterhouseCoopers was selected as the auditor for Q1-2015 and Q2-2105 statements, while KPMG was chosen to audit FY15 statements.

Mobily also reshuffled its board, appointing five new members.