GO faces termination if EGM not held by April 25

07/04/2019 Argaam

 

Etihad Atheeb Telecommunication Co. (GO) will face termination by April 25 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors were informed of losses, the company said in a bourse filing on Sunday.

 

The telecom operators’ accumulated losses stood at SAR 243.9 million, or 51.63 percent of capital on March 12, 2019.

 

The company’s shareholders are set to vote April 24 on a 25.81 percent capital cut to SAR 350.53 million from SAR 472.5 million, Argaam earlier reported.

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