CMA approves Etihad Atheeb’s capital cut

Saudi Arabia’s Capital Market Authority (CMA) approved a request by Etihad Atheeb Telecommunication Co. (GO) to reduce its capital to SAR 228.53 million from SAR 350.53 million, the market regulator said in a statement.

Accordingly, the telecom operator’s number of shares will be reduced from 35.05 million to 22.85 million.

The CMA nod is conditional on the company’s extraordinary general assembly approval and completion of necessary procedures, the statement added.

GO’s board of directors recommended a 34.8% capital reduction to SAR 228.53 million through writing off 12.20 million shares, in order to offset 67.41% of total accumulated losses, Argaam earlier reported.