Etihad Atheeb’s shareholders to discuss offsetting accumulated losses on Feb. 27

Etihad Atheeb Telecommunication Co. (GO) shareholders will hold an extraordinary general meeting (EGM) on Feb. 27, 2020, in order to discuss offsetting the accumulated losses, according to a bourse statement.

The telecom operator's accumulated losses reached 51.63% of capital.

The EGM should be held within 45 days of the date in which the board was informed of the company's losses (Until March 1, 2020). Otherwise, the telco will face termination in case it fails to hold the EGM or reach a decision.

The telecom services provider’s accumulated losses reached SAR 180.98 million as of Jan. 16, representing 51.63% of capital amounting to SAR 350.53 million. The losses were attributed to a drop in operating revenues and other income, in addition to the increase in depreciation expenses and financial fees.