Saudi Arabia-listed Etihad Atheeb Telecommunication Co, also known as GO, is set to reduce its capital by 60.6 percent, to write off accumulated losses of 138 million riyals ($36.79 million). 

The telecoms company announced its board’s decision to the Saudi Stock Exchange (Tadawul), which will see its capital reduced to 89.999 million riyals from 228.529 million riyals under company restructuring. 

The number of shares will also be reduced to 8.9999 million from 22.8529 million, with 13.853 million shares to be cancelled. 

The capital reduction is subject to approval from relevant authorities. 

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda ) 

Imogen.Lillywhite@refinitiv.com 

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