Atheeb Telecom approves 60% capital cut

11/04/2017 Argaam

Etihad Atheeb Telecommunication Co.’s extraordinary general assembly approved on Monday reducing capital to SAR 630 million from SAR 1.57 billion, by cancelling 94.5 million shares from the current 157.5 million shares, the company said in a statement to Tadawul after the meeting.

 

Meanwhile, Tadawul has set the fluctuation limit for trading on Tuesday based on a share price of SAR 9.85.

 

The telecom operator’s board of directors had recommended the 60 percent, or SAR 945 million capital cut to narrow losses, Argaam earlier reported.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.