Etihad Atheeb Telecommunication Co.’s (GO) board of directors recommended a 25.81 percent capital reduction to SAR 350.53 million from SAR 472.5 million to offset accumulated losses, the company said in a statement on Tadawul.
The capital cut is pending approval from the general assembly and regulator.
There is no significant impact of the capital reduction on the company's liabilities or operations, the statement added.
Earlier this month, the company said that its accumulated losses as of March13, 2019 reached SAR 243.9 million representing 51.63 percent of capital, as reported by Argaam.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 472.5 mln |
|
Number of shares |
47.25 mln shares |
|
Reduction (%) |
25.81% (1 for every 3.87 shares) |
|
New Capital |
SAR 350.53 mln |
|
New number of shares |
35.05 mln shares |
|
Method |
Canceling 12.2 mln shares |
|
Record date |
General assembly meeting |
|
Driver |
To offset 50% of accumulated losses (SAR 121.97 mln) |
|
Changes in GO’s Capital Since Listing |
|||
|
Change |
Date |
Previous capital (SAR mln) |
New capital (SAR mln) |
|
Capital Cut |
-- |
472.50 |
350.53 |
|
Capital Cut |
Feb. 2018 |
630.00 |
472.50 |
|
Capital Cut |
April 2017 |
1,575.00 |
630.00 |
|
Capital Hike (rights issue) |
Jan. 2012 |
400.00 |
1,575.00 |
|
Capital Cut |
Aug. 2011 |
1,000.00 |
400.00 |
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