Mobily fiasco highlights need for good governance in the Middle East | The National:
"As Etisalat and Saudi Arabia’s stock exchange begin to welcome foreign investors for the first time, the travails of Etihad Etisalat come as a stark reminder of the importance of modern corporate governance standards for listed companies in the kingdom and beyond.
Etisalat’s Saudi subsidiary, known as Mobily, was one of the country’s strongest telecoms stocks, with a market capitalisation of 71.4 billion riyals (Dh69.9bn) at the end of June last year.
One year on and that figure has plummeted by nearly two-thirds after Mobily admitted in November that it would have to restate 18 months’ worth of earnings because of alleged accounting irregularities, sending shares into freefall."
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