The board of directors of Etihad Etisalat (Mobily) has agreed to extend the reappointment of Abdul Aziz Alsughayir as a chairman for a second term, starting Dec. 1, 2009. The board has also approved the retention of Khalid Omar Al-Kaf, the company's current CEO, as a managing director. The reappointments took place in a meeting of the board of directors held on Sunday. Mobily was established as a limited-liability company on Aug. 18, 2004 and began building up in the following December. With SR5 billion in capital, there were 100 million shares at a nominal rate of SR50 a share. In 2006, the company split its shares five-fold to trade 500 million shares at an SR-10 nominal rate. In late 2008, the company boosted its capital to SR7 billion with a public offering of 200 premium shares. Mobily, Saudi Arabia's second mobile operator, is one of the world's fastest growing companies. Shortly after starting business on 25 May 2005, Mobily had its 3G service up and running, followed by a vast array of value added services. Today, Mobily is the Middle East's biggest broadband provider.