Zain

Zain Saudi Says Rejects Mobily’s $586 mln Claim

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Zain Saudi, Saudi Arabia’s No.3 telecom operator, said on Tuesday that a 2.2 billion riyals ($586.28 million) claim from Mobily was unfounded after its larger rival sought arbitration for this amount, plus damages.

Saudi Arabia’s market regulator suspended share trading in both companies following Mobily’s morning announcement that it was taking Zain Saudi to arbitration in relation to a 2008 services agreement between the operators. Click here to read more at ET Telecom

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Wahengbam Rorrkychand

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Website: http://www.blog.tonsetelecom.com

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