Etisalat ‘committed to Saudi market’

Etisalat Group has reiterated its commitment to Mobily and the Saudi market and expressed confidence that Mobily would return to a growth path again soon.
Mobily is one of the most successful companies in the region, stressed an Etisalat statement received here.
It said the company has strong foundations and possesses great innovative capabilities and a talented team.
The statement came after Mobily’s board announced its decision to suspend Khalid Omar Al-Kaf, managing director and CEO, until the audit committee completes its task of reviewing what led to the restatement of the Q3, 2014, financial results and submits its report to the board of directors.
Etisalat Group said it is closely following the issues related to the restatement of the Q3, 2014, financial results, according to a press released received here.
It said Etisalat supports the steps taken by Mobily’s board of directors and audit committee as they seek to identify the causes that led to the restatement.
“In line with the highest standards of corporate governance, Etisalat believes that in such cases, it is in the best interests of all shareholders and stakeholders, and in the best interests of Saudi Arabia that the board should commission an independent investigation to be conducted to identify exactly what happened and why and that the independent investigation should be thorough and should proceed unhindered,” added the release.
Etisalat will also support the Mobily board’s taking corrective action, wherever and whenever appropriate, to avoid this from happening again, said the statement.
Etisalat said its actions in this matter have been and will continue to be guided by the best interests of Mobily and its shareholders.
Etisalat Group will continue to support Mobily through this process, said the release.
It said the recent appointment of Serkan Okandan as the deputy CEO of Mobily, while proving Etisalat’s commitment to Mobily and the Saudi market, also shows Etisalat’s commitment to a smooth continuation of Mobily’s business.