Riyadh – The extraordinary general meeting (EGM) of Etihad Atheeb Telecommunication Company (GO) has approved a 60.62% capital cut to SAR 89.999 million from SAR 228.529 million.

Following the capital decrease, 3.03 shares will be reduced for every five shares, according to a bourse filing on Monday.

This step aims to restructure the company's capital and offset 99.97% of the total accumulated losses amounting to SAR 138.577 million.

Meanwhile, the Saudi Exchange (Tadawul) announced that the fluctuation limit for GO will be based on a share price of SAR 86.3.

As per the listing rules, the company will be suspended for two business days starting from Monday until the Securities Depository Center Company (Edaa) reflects shares reduction on investors’ portfolios.

Lifting the suspension of trading will end on Tuesday, 25 January 2022.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.