Mobily buys additional spectrum for SAR 422 mln

Etihad Etisalat Co. (Mobily) has acquired additional spectrum for SAR 422 million, which will be available to the company available early in 2018, the telco said in a statement to Saudi bourse, Tadawul.

The telco acquired 2x5 MHz block in the 1800 MHz spectrum band in an auction conducted by the Communications and Information Technology Commission (CITC) from May 23, the results of which were announced by the regulator on June 6.

Of the total cost, 30 percent will be paid in 90 days after the conclusion of the auction. The remainder would be paid in equal annual installments over a 10 year period.

The acquisition, which is expected to boost Mobily’s network capacity and improve customer experience, will be funded from the company’s cash flows and available facilities.