Mobily’s former chairman Abdulaziz Alsaghyir resigns from board

Etihad Etisalat Company (Mobily) said on Thursday that it has accepted the resignation of independent board member Abdulaziz Alsaghyir due to health reasons.

Mobily, the kingdom’s second-largest telecom operator, added that it will appoint a new member at a later time, pending approval of its general assembly.

Alsaghyir held the position of board chairman until February, when he decided to resign also due to health reasons. At the time, however, he kept his position of independent board member.

According to data reported by Argaam, Abdulaziz Alsaghyir Commercial Investment, of which Alsaghyir is chairman and founder, sold about 9.49 million of its shares in the teleco before his resignation as board chairman in February.

An accounting error, which resulted in millions of dollars in losses for the company will be constraining its dividend payouts for the next few years as the former market heavyweight sees its stock come under pressure due to weakened investor sentiment.

The Saudi market regulator also previously announced that it was investigating Mobily for suspected insider trading.