Mobily shareholders approve Bayanat merger

Etihad Etisalat Co.’s (Mobily) shareholders have approved the merger with Bayanat Telecom Co. during the extraordinary general assembly meeting held on May 14, 2019, the company said in a bourse statement.

Bayanat will be merged with its rights and obligations including all intellectual rights like names and trademarks, all assets with their contents, all projects, contracts and works that the company is a part of, in addition to all technical, administrative elements and licenses that it owns in Mobily.

The transaction will take place following Mobily’s acquisition of entire shares of the National Co. for Business Solutions in Bayanat, which are above 1,500 shares out of 150,000 shares, and converting Bayanat as one person partnership in accordance with the procedures followed by the system and due to CITC request.

Meanwhile, shareholders approved the businesses and contracts made with Emirates Telecommunications Group Co. (a main shareholder in Mobily) and represented in the amended technical services and support agreement.