Atheeb Telecom clarifies important dates related to accumulated losses

Etihad Atheeb Telecommunications Co.’s board of directors must invite shareholders to an extraordinary general assembly meeting to take action regarding the company’s accumulated losses before Jan. 26, it said in a bourse statement on Sunday.

Shareholders should then meet no later than Feb. 25 to discuss the company’s accumulated losses as per the corporate law.

If shareholders fail to meet within 45 days following the board’s acknowledgement of accumulated losses, or are unable to come to a decision on the matter, the company will be considered dissolved under the law, the statement added.

Last week, Atheeb Telecom said it has recorded SAR 316.7 million in accumulated losses as of Dec. 31, 2017, accounting for 50.27 percent of its SAR 630 million capital, Argaam reported earlier.