Logo of Etihad Atheeb Telecommunication Co. (GO)
Etihad Atheeb Telecommunication Co. (GO) announced the prospectus for its capital increase through a SAR 250 million rights offering.
The company’s capital will be raised by 227.78% to SAR 339.99 million by offering 25 million shares at an offer price of SAR 10 each.
The company's shareholders will vote on the board's recommendation to increase capital during the extraordinary general meeting (EGM) scheduled for Feb. 6.
The Capital Market Authority (CMA) approved, on Jan. 8, the request received from the company to increase capital through a rights issue in order to pay off its obligations as well as develop and modernize its business systems and networks, according to data available with Argaam.
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Capital Increase Details |
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Current Capital |
SAR 89.99 mln |
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Current Number of Shares |
8.99 mln |
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New Capital |
SAR 339.99 mln |
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New Number of Shares |
33.99 mln |
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Percentage Increase |
277.78% |
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Rights Issue Details |
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Offered Shares |
25 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 250 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 2.7778 rights per each owned share |
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Rights Issue Proceeds (SAR mln) |
Repay main supplier dues |
49 |
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Payment of dues to CST |
15 |
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Partial payment of the total settlement with TAWAL |
26 |
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Infrastructure development through networking upgrading |
35 |
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Advancing microwave technology for business development |
30 |
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Building data centers |
10 |
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Upgrading network equipment |
35 |
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Applying cybersecurity systems |
40 |
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Developing network capacity |
40 |
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Offering costs |
6 |
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Total |
250 |
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Additional Information |
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Financial Advisor, Lead Manager & Underwriter |
Alinma Investement |
Earlier, GO’s shareholders rejected the board’s recommendation to increase the company’s capital to SAR 340 million through a SAR 250 million rights issue during an EGM held in March 2023, according to data compiled by Argaam.
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