Riyadh – Mubasher: Mobile Telecommunications Company Saudi Arabia (Zain) said Sunday that it has been notified of an arbitral award regarding the dispute between Zain and Etihad Etisalat Company (Mobily), according to a bourse filing.
The arbitration panel obliged Zain to pay SAR 219.46 million to Mobily, the bourse filing revealed, indicated that both companies are further obliged to pay SAR 1.16 million the expert appointed by the Arbitration Panel.
The panel rejected all other demands made by the two parties, the filing showed.
"This award cannot be enforced no earlier than 60 days as of its date of release, which is the period when Zain enjoys the right to contest against this judgment", said the company.
Upon enforcement, the award will not leave a negative impact on the company as it "had previously made sufficient provision to cover the full amount awarded by the Arbitration Panel", Zain added.
In a separate Sunday's bourse statement, Mobily announced receiving a final and binding award regard the two companies' dispute, assuring that it will initiate all necessary procedures to collect the awarded amount from Zain.
