Etihad Atheeb Telecommunication Company announced its annual financial results as of 31/3/2011, on Tadawul’s website on Tuesday 21/06/1432H corresponding to 24/05/2011. The external auditor’s included an emphasis of matter note due to the losses for the fiscal year ending in 31/3/2011 that reached 575 million SAR which resulted in accumulated losses reached 95% of the company’ capital .

Reference to the Board’s resolution number (1-3-2011) dated 18/2/1432H corresponding to 22/1/2011 which includes granting Etihad Atheeb Telecommunication Company an extension period to correct its current position according to relevant laws until the end of its fiscal year on  31/03/2011 . Based on Article (Six/A-7) of the Capital Market Law issued by the Royal decree number (M/30) and dated 2/6/1424H, the CMA is allowed to cancel any securities in the market or suspend its issuance or trading if necessary and Article Twenty One of the Listing Rules issued by the Board’s decision number (3-11-2004) and dated 20/8/1425H corresponding to 4/10/2004 which states that CMA can suspend or cancel the securities listing if it considered that the issuer operations’ level or its assets do not justify the continuous trading of its securities in the market.

In response, the CMA Board has issued its resolution number (1-18-2011) and dated 21/06/1432H corresponding to 24/05/2011 to suspend the trading of Etihad Atheeb Telecommunication Company’s shares in the Saudi Stock Exchange (Tadawul) starting from Wednesday 22/06/1432H corresponding to 25/05/2011 until the company amends its conditions.  After the expiration of six months since the date of this decision,  and if the company has not taken the necessary actions to correct  its current position, CMA will take the appropriate actions.