Etihad Atheeb Telecommunication Co.’ (GO) shareholders are set to vote on a 34.8% capital cut to SAR 228.53 million from SAR 350.53 million during the extraordinary general assembly meeting to be held on Feb. 27, the company said in a statement on Tadawul.
The capital cut will be through writing off 12.20 million shares, in order to offset 67.41% of total accumulated losses.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 350.53 mln |
|
Number of shares |
35.05 mln shares |
|
Reduction (%) |
34.8% (1 for every 2.87 shares) |
|
New Capital |
SAR 228.53 mln |
|
New number of shares |
22.85 mln shares |
|
Method |
Canceling 12.20 mln shares |
|
Driver |
To offset accumulated losses of SAR 122 mln |
|
Capital cut date |
Feb. 27, 2020 |
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