Logo of Etihad Atheeb Telecommunication Co. (GO)
Etihad Atheeb Telecommunication Co. (GO) determined the period of its rights issue trading and subscription to the new shares, according to a statement to Tadawul today, Feb. 8.
Both will start on Feb. 12. However, rights issue trading will end on Feb. 19, while the period for subscription to new shares will expire on Feb. 25, the statement indicated.
Right-holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new shares subscription will be as per the prospectus.
Any unsubscribed shares and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. Alinma Investment will underwrite the new shares that remain unsubscribed after the rump offering.
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Details of Capital Increase |
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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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Percentage of increase |
277.78% (2.7778 shares for every share held) |
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Capital after increase |
SAR 339.99 mln |
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Number of shares |
33.99 mln |
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Method |
SAR 250 mln rights issue |
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Reason |
Develop and modernize its business systems and networks and pay some of its obligations. |
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Record date |
Shareholders registered with Edaa by the end of the second trading day following the EGM |
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Rights Issue Details |
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Number of shares offered |
250 mln |
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Offer price |
SAR 10 |
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Size of issue |
SAR 250,000 |
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Rights coefficient |
2.7778 right per existing share |
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Uses of offering proceeds
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Payment of part of the outstanding balances and receivables to one of the company’s main suppliers |
49 |
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Payment of a balance due to the Communications, Space and Technology Commission |
15 |
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Payment of part of the total value related to the settlement agreement with TAWAL Co, |
26 |
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Developing infrastructure by developing networking |
35 |
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Developing microwave technology to support the business sector |
30 |
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Developing and building information centers |
10 |
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Updating basic network equipment |
35 |
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Implementing cyber security 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, book-runner and underwriter |
Alinma Investment |
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