The Saudi Arabian Tadawul All-Share Index failed to join the bull’s run in other GCC countries and closed slightly higher at 9,823.4 points or up 0.25 per cent on Thursday, May 29. SABIC, the world’s biggest producer of petrochemicals, fell by 1.10 per cent to SAR115.50.
Etihad Etisalat Company, better known as Mobily, advanced by 0.27 per cent to SAR93.25. Earlier in the day, Mobily said in a filing to the market in Riyadh that its subsidiary Bayanat Al-Oula Network Services Company (Bayanat) has stopped the discussions with the founding shareholders of rivalling Etihad Atheeb Telecom Company (down 3.70 per cent at SAR13.80), also known as Go, regarding a proposed purchase of an interest in Go by Bayanat. The founding shareholders are Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and Saudi Internet Company. “Furthermore, Mobily wishes to clarify that in relation to Go’s announcement referred to above, Bayanat has not submitted another offer in relation to the proposed transaction other than what was disclosed in our announcement published on Tadawul dated April 29 2014 referred to above.” Go, on the other hand, said the founding shareholders have stopped the discussions.