Etihad Atheeb Telecommunication Co.’s (GO) shareholders have approved a 25.81 percent capital cut to SAR 350.53 million from SAR 472.5 million during the extraordinary general assembly meeting that was held on April 24, 2019, the company said in a statement on Tadawul.
The capital cut aims to offset accumulated losses.
Last 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.
In a separate statement, the Saudi stock exchange (Tadawul) said that fluctuation limit of Atheeb's (GO)shares will be based on a share price of SAR 7.2.
They company will remain suspended due to its failure to disclose its financial statements within the specified time frame.
The Securities Depository Center (Edaa) will reflect the share reduction by Monday, April 29, 2019, the stock exchange added.
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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 |
April 24, 2019 |
|
Driver |
To offset 50% of accumulated losses (SAR 121.97 mln) |
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