October 3, 2016 / 5:56 AM / in 10 months

Saudi licence extension to reduce Saudi Zain's annual charges

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DUBAI, Oct 3 (Reuters) - Zain Saudi Arabia said on Monday that a decision by the government to extend its licence in the kingdom by 15 years would reduce its annual amoritisation charge by 433 million riyals ($115.4 million) starting from the date of the extension.

The licence extension will reduce its net losses by the same amount, the company added.

The Capital Market Authority on Sunday suspended trade in the shares of the kingdom's listed telecommunications operators after the government decided to extend their licences. In addition, the government said it would provide the firms with "unified licences" allowing them to offer all telecommunications services. It did not give details. (Reporting by Tom Arnold; Editing by Andrew Torchia)

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