Riyadh – Mubasher: The ordinary general assembly meeting of Etihad Etisalat Company (Mobily) has approved a SAR 7.6 billion refinancing Murabaha facility agreement for seven years with a number of local banks.

Shareholders also approved the financial statements for 2019, as well as the auditor and board’s reports, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Business and contracts made with Emirates Telecommunications Group Company (Etisalat), a main shareholder in Mobily, was also approved during the meeting.

Last year, Mobily achieved a net profit of SAR 31 million. It was the first time in five years for the telecom company to achieve profits, after recording losses of SAR 123 million in 2018.