Etihad Atheeb reschedules SAR 370 mln new outstanding balance

Logo of Etihad Atheeb (GO)

Etihad Atheeb Telecommunication Co. (GO) announced today, Feb. 11, 2021, the rescheduling of the new outstanding balance of SAR 370 million.

The company explained in a bourse filing that an amount of SAR 125 million was paid upon signing the agreement, while the remaining balance of SAR 245 million is scheduled in five installments at an equal annual amount of SAR 49 million.

The installments will start on July 1, 2022, except the last installment ending on Jan. 1, 2026.

In February, the telecom company signed an agreement with one of the main suppliers to settle all balances and debts since the beginning of the dealings between the two parties until Dec. 31, 2020.

The net balance until Dec. 31, 2020, amounted to SAR 370 million in favor of the main supplier.