GO sets period for rights issue, new shares subscription

Logo of Etihad Atheeb Telecommunication Co. (GO)

Etihad Atheeb Telecommunication Co. (GO) determined the period of its rights issue trading and subscription to the new shares, according to a statement to Tadawul today, Feb. 8.

Both will start on Feb. 12. However, rights issue trading will end on Feb. 19, while the period for subscription to new shares will expire on Feb. 25, the statement indicated.

Right-holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new shares subscription will be as per the prospectus.

Any unsubscribed shares and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. Alinma Investment will underwrite the new shares that remain unsubscribed after the rump offering.

Details of Capital Increase
Current capital	SAR 89.99 mln
Current number of shares	8.99 mln
Percentage of increase	277.78% (2.7778 shares for every share held)
Capital after increase	SAR 339.99 mln
Number of shares	33.99 mln
Method	SAR 250 mln rights issue
Reason	Develop and modernize its business systems and networks and pay some of its obligations.
Record date	Shareholders registered with Edaa by the end of the second trading day following the EGM

Rights Issue Details
Number of shares offered	250 mln
Offer price	SAR 10
Size of issue	SAR 250,000
Rights coefficient	2.7778 right per existing share
Uses of offering proceeds	Payment of part of the outstanding balances and receivables to one of the company’s main suppliers	49
	Payment of a balance due to the Communications, Space and Technology Commission	15
	Payment of part of the total value related to the settlement agreement with TAWAL Co,	26
	Developing infrastructure by developing networking	35
	Developing microwave technology to support the business sector	30
	Developing and building information centers	10
	Updating basic network equipment	35
	Implementing cyber security systems	40
	Developing Network capacity	40
	Offering costs	6
	Total	250

Additional Information
Financial advisor, book-runner and underwriter	Alinma Investment

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