Thursday 6 November 2014

Saudi Mobily Drop Wipes $4.4 Billion From Shares on Audit Error - Bloomberg

Saudi Mobily Drop Wipes $4.4 Billion From Shares on Audit Error - Bloomberg:



"A three-day slump in Etihad Etisalat Co. (EEC) has wiped 16.5 billion riyals ($4.4 billion) from shares of the largest Saudi telecom company after auditing errors led to a drop in quarterly results.



The phone operator, also known as Mobily, lost 10 percent at 2:54 p.m. in Riyadh to 58.50 riyals, the lowest since August 2012, bringing its retreat since trading resumed on Nov. 4 after a three-day halt to 27 percent. Volume reached 31.8 million shares, almost 20-times the three-month average. Mobily was the biggest decliner on the Tadawul All Share Index (SASEIDX), which was little changed today.



The market regulator started procedures to determine if Mobily violated rules after the company sought a trading halt to provide more time for its audit committee to work on the results. The phone operator reported a decline of more than 70 percent in third-quarter profit, missing the average of seven analyst estimates."



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