Saudi Arabia's Atheeb Telecom on Wednesday said unfair competition was to blame for mounting losses that led to its shares being suspended on the kingdom's bourse.
The fixed line provider, which is 15 percent-owned by Bahrain Telecommunications Co , now has accumulated losses of 95 percent of its capital, according to a statement on the Saudi bourse website. Saudi market rules call for a suspension if losses exceed 75 percent.
"The company incurred in the recent period large losses of capital as a result of uncompetitive behaviour and practices from the controlling operator," Atheeb chairman Prince Abdul-Aziz Ahmed bin Abdul-Aziz said in a statement to Reuters.
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