Logo of Etihad Atheeb Telecommunication Co.
Etihad Atheeb Telecommunication Co. (GO) announced the prospectus for its capital increase through offering rights issue shares worth SAR 250 million.
Capital will be increased to SAR 340 million, through offering 25 million rights issue shares at a nominal value of SAR 10 each.
The company's main purpose for the capital increase is to repay liabilities, as well as develop and upgrade its systems and networks.
The Capital Market Authority (CMA) approved earlier this month the application received from the company to increase capital through SAR 250 million rights issue, as per Argaam's data.
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Capital Hike Details |
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Current Capital |
SAR 90 mln |
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Number of Shares |
9 mln shares |
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Method |
Issuance of priority rights shares worth SAR 250 million. |
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Percentage Increase |
278% (through issuance of 2.78 shares per each share) |
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New Capital |
SAR 340 mln |
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Number of Shares |
34 mln shares |
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Rights Issue Details |
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Offered Shares |
25 mln shares |
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Offer Price |
SAR 10 |
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Size of Issue |
SAR 250 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 2.78 shares per each owned share. |
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Record Date |
The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general assembly meeting (EGM). |
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Rights issue proceeds |
Paying part of the outstanding balances and dues to one of the company’s main suppliers |
SAR 30 mln |
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Paying a balance owed to the Communications, Space and Technology Commission |
SAR 30 mln |
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Paying part of the total value of leasing telecom towers from a main supplier |
SAR 50 mln |
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Payment of dues for leasing the company’s tower sites |
SAR 20 mln |
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Payment of outstanding balances and dues to other operators |
SAR 5 mln |
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Payment of zakat entitlements |
SAR 2 mln |
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Developing and Replacing IT Systems |
SAR 5 mln |
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Developing a Business Intelligence and Reporting System |
SAR 1 mln |
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Purchase of equipment and devices |
SAR 2 mln |
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Infrastructure development by developing networking (IP-MPLS) |
SAR 40 mln |
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Developing microwave technology to support the business sector |
SAR 5 mln |
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Developing and building cloud data centers |
SAR 5 mln |
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Voice over IP development |
SAR 1 mln |
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Upgrading core network equipment |
SAR 10 mln |
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Cyber security implementation |
SAR 4 mln |
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Network capacity development |
SAR 35 mln |
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Offering costs |
SAR 5 mln |
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