Riyadh – The board of Etihad Atheeb Telecommunication Company (GO) announced the appointment of the Saudi Kuwaiti Finance House (SKFH) as a financial advisor for its capital decrease.

Recently, the company’s board of directors recommended a 34.8% capital cut to amortise about SAR 122 million or 67.4% of accumulated losses.

Accordingly, Go will reduce its capital from SAR 350.5 million to SAR 228.5 million, through the cancellation of 12.2 million shares.

Earlier this month, the telecom group revealed that accumulated losses exceeded 51% of its capital.

 

 

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 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.