Etihad Atheeb Telecommunication Co. (GO) shareholders will vote on increasing capital through a SAR 250 million rights offering, during the extraordinary general meeting (EGM), scheduled for March 8, the telco said in a statement to Tadawul.

 

Eligibility for the rights issue shares will be to shareholders of record at the Securities Depository Center (Edaa) as of the closing of the second trading day after the EGM date.

 

Shareholders will also vote on appointing Sager Nadershah as a board member, as of Aug. 1, 2022, until Oct. 25, 2023, in place of member Meshaal Omeriah.

 

In December 2022, Etihad Atheeb’s board of directors recommended a SAR 250 million rights issue to raise capital instead of a previous proposal for a SAR 350 million rights issue, Argaam earlier reported.

 

Capital Hike Details

Current Capital

SAR 90 mln

Number of Shares

9 mln

Method

SAR 250 mln rights issue

Capital Increase (%)

278% (Issuance of 2.78 shares for every one share held)

New Capital

SAR 340 mln

Number of Shares

34 mln
 

The e-voting on agenda items will start on March 5.

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