GO says accumulated losses rise to 51.63% of capital

Etihad Atheeb Telecommunication Co.’s (GO) accumulated losses as on Mar. 12 reached SAR 243.9 million, or 51.63 percent of capital, the company said in a statement to Tadawul on Wednesday.

The telecom operator attributed these losses to lower operating revenue and other income despite a decline in services costs and operating expenses.

GO has to invite shareholders to an extraordinary general assembly meeting to discuss offsetting these losses no later than Mar. 26.

Shareholders are required to meet by Apr. 25, otherwise the company will be deemed terminated by force of law, the statement added.