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Saudi regulator clamps down on telco for disclosure default

saudi telecomSaudi Arabia’s market regulator has suspended trading in Etihad Atheeb after the landline operator failed to disclose sufficient details on a network sharing deal with Saudi Telecom Co (STC), according to a bourse filing on Thursday.

Earlier on Thursday, Atheeb said it had signed a so-called Indefeasible Rights of Use (IRU) agreement that gives it access to 30,000 STC data connections for 15 years, with an option to increase this to 100,000 connections.

But the Capital Market Authority (CMA) has now suspended trading in Atheeb shares until the company provides more details, the regulator said in a statement.-Reuters