Serkan Okandan, the acting CEO of troubled Saudi Arabia-based operator Mobily, said he expects to run the company until at least the end of March this year when the company’s board and shareholders will decide on the next step.
Okandan, who took temporary charge of Mobily last November when the company suspended its then CEO Khalid Omar Al Kaf pending the results of an investigation into accounting errors disclosed earlier that month, told Reuters that had a mandate to run the company until the end of this quarter.
On 3 November Mobily announced that it had restated earnings announcements dating back to 2013 as a result of accounting errors related to a loyalty programme and its fibre-to-the-home (FTTH) service.
Reuters noted that the company’s share price reached an eight-year high of 98.25 riyals last May, but ended Sunday at 38.40 riyals.
"All competitive companies focus on improving efficiencies. Mobily is and will do the same," Okandan told Reuters via an email.
UAE-based Etisalat owns 27.5% of Mobily.
