Atheeb Telecom’s accumulated losses cross 50% of capital

Etihad Atheeb Telecommunication Co. has recorded SAR 316.7 million in accumulated losses as of Dec. 31, 2017, accounting for 50.27 percent of its SAR 630 million capital, the telecom operator said in a bourse statement.

The losses were attributed to lower operating revenue, higher leasing fees, and delays in obtaining a unified license.

As part of its restructuring plan, Atheeb will announce a capital increase/decrease after it obtains the unified telecom license, the statement said.

The telco will also build a new network, enabling it to compete with local peers.