|28 January, 2020

Saudi Arabia's GO appoints financial advisor for capital cut

Go will reduce its capital from $93.46mln to $60.93mln

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

REUTERS/Fahad Shadeed

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

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