We refer to our announcement published on Tadawul on 29 January 2014 regarding the extension of the long stop date of the memorandum of understanding (MoU) signed on 20 August 2013 between a subsidiary of Etihad Telecom Company (Mobily) (namely Bayanat Al-Oula Network Services Company (Bayanat)) and certain founding shareholders of Etihad Atheeb Telecom Company (Go) (EATC) (namely Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and Saudi Internet Company). We hereby clarify that the proposed transaction is still at the due diligence stage as Bayanat has not completed commercial, financial, technical and legal due diligence to its satisfaction, due to the challenges it faces in respect of the structuring of the proposed transaction. Therefore, the long stop date of the MoU has been extended by an additional ninety (90) days to be 30 April 2014 instead of 30 January 2014. It should be noted that the MoU provides - among other things - that the said acquisition is subject to certain conditions being satisfied prior to the long stop date, including obtaining necessary regulatory clearances including from the CITC. Furthermore, the MoU also provides that there is no exclusivity between the MoU parties in respect of the proposed transaction.
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