Atheeb Telecom approves 60% capital cut

Etihad Atheeb Telecommunication Co.’s extraordinary general assembly approved on Monday reducing capital to SAR 630 million from SAR 1.57 billion, by cancelling 94.5 million shares from the current 157.5 million shares, the company said in a statement to Tadawul after the meeting.

Meanwhile, Tadawul has set the fluctuation limit for trading on Tuesday based on a share price of SAR 9.85.

The telecom operator’s board of directors had recommended the 60 percent, or SAR 945 million capital cut to narrow losses, Argaam earlier reported.