Riyadh - Mubasher: Etihad Atheeb Telecommunication (Go) said that its plan to resolve its financial issues will involve a capital decrease, obtaining the unified licence, and setting up a new telecom network.
Go will cut its capital by 60% from SAR 1.6 billion to SAR 630 million.
The company added that the plan includes increasing income and trying to decrease losses as per the signed commercial agreements, according to a bourse filing on Tuesday.
The telecom firm submitted a request to the Information and Communications Technology Council (ICTC) to obtain the unified licence after getting the nod from the Capital Market Authority (CMA).
Etihad Atheeb noted that in case it obtained the licence, it will have to raise its capital after getting the regulatory approvals.
Go’s board recommended cutting the capital by 60%, by SAR 945 million, to restructure the capital.
