GO narrows accumulated losses after capital cut

Etihad Atheeb Telecommunication Co. (GO) has announced that its accumulated losses fell to SAR 225.95 million, or 47.82 percent of capital as of Feb. 13.

GO last week reduced its capital by 25 percent to SAR 472.5 million from SAR 630 million. 

Accumulated losses would have dropped to SAR 175.95 million, or 37.24 percent of capital, if the Saudi telecom regulator has not liquidated a SAR 50 million bank guarantee extended by GO to partly redeem the new spectrum cost on Feb. 12.

Procedures issued by the Saudi Capital Market Authority (CMA) for listed companies with accumulated losses amounting to 20 percent or more of capital will now apply to GO, the statement added.

The company’s stock was last trading down 3.5 percent to SAR SAR 7.46.