Etihad Atheeb board proposes capital increase via SAR 250 mln rights issue

Logo og Etihad Atheeb Telecommunication Co.

Etihad Atheeb Telecommunication Co.’s (GO) board of directors recommended on March 29 increasing the company’s capital via SAR 250 million rights issue, according to a statement to Tadawul.

The capital hike will go for the payment of the company’s liabilities in addition to upgrading the systems and networks.

The board also approved the appointment of Alinma Investment as financial advisor to manage the capital increase and take all related procedures.

Shareholders of record on the date of the extraordinary general meeting (EGM) and those registered with Edaa on the second day of trading following the general meeting will be eligible for the capital increase.

The capital increase is subject to the regulatory as well as the EGM approval and the company will announce any material updates, including filing for the Capital Market Authority’s (CMA) approval on the capital top-up.

Earlier this month, shareholders disapproved increasing capital through a SAR 250 million rights offering, during the EGM held on March 8, Argaam reported.

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