Riyadh – Mubasher: The extraordinary general assembly meeting (EGM) of Etihad Atheeb Telecommunication Company (GO) approved the board’s recommendation to reduce capital by 34.8%.
The decision comes to amortise about SAR 122 million of accumulated losses.
Last week, GO announced that 1 March 2020 is the deadline for convening its EGM to address the accumulated losses that exceeded 50% of its capital.
Accordingly, the Saudi Stock Exchange (Tadawul) announced earlier today that the fluctuation limits for the company’s stock will be based on a share price of SAR 11.06.
Furthermore, the Securities Depository Center Company (Edaa) will reflect shares reduction on investors’ portfolios, by Tuesday, 3 March 2020.
GO recently appointed Saudi Kuwaiti Finance House (SKFH) as a financial advisor for the move, which will see the telecom firm’s capital being reduced from SAR 350.5 million to SAR 228.5 million, through the cancellation of 12.2 million shares.
Trading the stock will remain suspended until the company announces the disclaimer of the conclusion is removed, according to a statement by Tadawul.
