Logo of Etihad Atheeb Telecommunication Co. (GO)
The subscription and tradable rights period for Etihad Atheeb Telecommunication Co. (GO) will start today, Feb. 12 to increase capital by SAR 250 million from SAR 89.99 million to SAR 339.99 million.
The rights trading will end on Feb. 19, while the subscription process will close on Feb. 25.
The telecom operator plans to offer 25 million shares at SAR 10 each to increase capital by 277.78%. Each right will entitle the holder to subscribe to one new share at offer price.
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Details of Capital Increase |
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Current capital |
SAR 89.99 mln |
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Current number of shares |
8.99 mln |
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Capital after increase |
SAR 339.99 mln |
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Number of shares |
33.99 mln |
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Percentage of increase |
277.78% |
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Rights Issue Details |
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Number of shares offered |
25 mln |
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Offer price |
SAR 10 |
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Size of issue |
SAR 250 mln |
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Subscription period |
Feb. 12-25 |
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Rights Trading Period |
Feb. 12-19 |
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Reason |
To settle some outstanding obligations to suppliers and develop the company’s infrastructure and network. |
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Record Date |
Feb. 6 |
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Rights coefficient |
2.7778 right per every share held |
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Use of offering proceeds
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Partial payment of the outstanding balances and dues to a main supplier |
49 |
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Payment of balance due to the Communications, Space and Technology Commission |
15 |
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Partial settlement of outstanding balance to TAWAL Co. |
26 |
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Developing infrastructure (IP-MPLS) |
35 |
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Developing microwave technology to support the business sector |
30 |
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Developing and building information centers |
10 |
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Updating core network equipment |
35 |
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Implementing cyber security systems |
40 |
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Developing Network capacity |
40 |
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Offering costs |
6 |
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Total |
250 |
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Additional Information |
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Financial advisor, lead manager and underwriter |
Alinma Investment |
Right holders may subscribe, 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 rump shares and fractional shares will be offered to institutional investors, according to the prospectus. Alinma Investment will buy unsubscribed shares after the rump offering.
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