GO board amends capital hike proposal through SAR 250 mln rights issue from SAR 350 mln

13/10/2022 Argaam
Logo ofEtihad Atheeb Telecommunication Co. (GO)

Logo of Etihad Atheeb Telecommunication Co. (GO)

Etihad Atheeb Telecommunication Co.’s (GO) board of directors approved today, Oct. 13, changing its recommendation to increase capital through a rights issue to SAR 250 million from SAR 350 million, as follows:

 

Capital Increase Highlights

Current Capital

SAR 90 mln

Number of Shares

9 mln

Method

SAR 250 mln rights issue

Capital Increase (%)

278% (Issuance of 2.78 shares for every one share held)

New Capital

SAR 340 mln

Number of Shares

34 mln

Reason 

Reassess the company’s needs to fulfill its obligations, and upgrade its business networks and systems
 

The target capital increase is subject to the approval of the relevant regulatory authorities and the company’s extraordinary general meeting (EGM), GO added, indicating that any updates in this regard will be announced in due course.

 

Last December, the company’s board of directors approved increasing capital through a SAR 350 million rights issue, according to Argaam's data.

 

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