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Etihad Atheeb Telecommunication Co.'s (GO) shareholders will vote on the board's recommendation on decreasing capital by 60.62% from SAR 228.53 million to SAR 89.99 million, during the extraordinary general meeting (EGM) that will be held on Jan. 23, 2022.

 

In a bourse statement, the company said the move aims to restructure the company's capital to offset its accumulated losses.

 

Capital Cut Key Details

Current Capital

SAR 228.53 mln

Number of Shares

22.85 mln

Reduction (%)

60.62%

New Capital

SAR 89.99 mln

New Number of Shares

8.99 mln

Method

Writing off 13.85 mln shares (3.03 shares for every 5 shares)

Reason

Writing off 99.99% of the accumulated losses amounting to SAR 138.53 million

Date

Jan. 23, 2022 (Shareholders registered with Edaa at the end of the second trading day following the EGM which will decide on the capital reduction.

 

If shareholders approve the capital reduction, the approval will be effective to shareholders registered with Edaa at the end of the second trading day following EGM which will decide on the capital reduction.

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