Saudi Arabian telecommunications provider Etihad Etisalat (Mobily) awarded contracts worth a total of $256 million to Ericsson and Huawei to expand and upgrade its high-speed networks, as per company statements. Mobily aims to strengthen its data services, as per newswires.
Swedish telecom company Ericsson signed a contract worth SR 563 million (US$ 150.1 million) and China's Huawei signed another one worth SR 400 million (US$ 106.7 million), as per Mobily.
The projects will expand both the 3G network and long-term evolution, or 4G, network and will be implemented within a year, as per the same sources.
In parallel, Saudi Arabia's Etihad Etisalat (Mobily) said it has approved a board recommendation for a 10% increase in capital through a bonus share issue.
The firm said that a general assembly meeting approved a recommendation of the board to increase the company's capital to SR 7.7 billion from SR 7 billion through a bonus share for every 10 owned by registered shareholders. The total number of shares will increase by 70,000,000 from 700,000,000 to 770,000,000.
Ericsson is a world-leading provider of telecommunications equipment and services to mobile and fixed network operators. Over 1,000 networks in more than 180 countries use their network equipment, and more than 40% of the world's mobile traffic passes through Ericsson networks, as per company website.
Etihad Etisalat (Mobily) was established in 2004 by a consortium led by Etisalat, the UAE based telecom conglomerate. Mobily is the official brand name of Etihad Etisalat, renowned as the second mobile service provider in the Kingdom of Saudi Arabia.
ifpinfo
15 January
