Riyadh – Mubasher: Saudi Arabia-based Etihad Atheeb Telecommunication (Go) on Monday, 22 January, has submitted its request to reduce capital to the Saudi Capital Market Authority (CMA).
Any updates will be announced if they occur, Go added in a statement to the Saudi Stock Exchange (Tadawul).
On Wednesday, 17 January, the firm's board of directors recommended capital decrease by 25% to SAR 472.5 million, from SAR 630 million, in a bid to slash the accumulated losses.
On Thursday, 18 January, the Saudi telecommunications provider hired the Saudi Kuwaiti Finance House (SKFH) as a financial advisor to manage its capital reduction.
Go’s stock shed 0.16%, closing Monday at SAR 6.37.
