Riyadh – Mubasher: Etihad Atheeb Telecommunication Company (GO) announced that 1 March 2020 is the deadline for convening its extraordinary general assembly meeting (EGM).
The EGM is set to address the company’s accumulated losses, which exceeded 50% of its capital, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi Capital Market Authority (CMA) recently approved the company board’s request to reduce capital by 34.8% to amortise about SAR 122 million of accumulated losses.
Accordingly, Go will reduce its capital from SAR 350.5 million to SAR 228.5 million, through the cancellation of 12.2 million shares, but the move remains subject to the approval of the next EGM.
GO appointed Saudi Kuwaiti Finance House (SKFH) as a financial advisor.
