Etihad Atheeb Telecommunication Co., a provider of telephone services in Saudi Arabia, has announced recent developments surrounding the use of proceeds from its rights issue.
 
Since the rights issue ended on March 24
​,​
 2012, funds have been used to cover various costs through March 31 of this year, the company detailed in a statement to Tadawul.
 
​The company 
was said to have paid SAR 886.7 million to Saudi Fransi Bank in return for partial repayment of an original loan and the repayment of loan fees.
 
​About ​
SAR 119.9 million 
​were 
also distributed to institutional partners in order to secure a 
​bridge 
loan.
 
The rest of the proceeds were used 
​for 
purchasing network equipment, technical and advertising services, as well as towards payments on outstanding bills.

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