GO obtains regulatory approval on capital cut

Etihad Atheeb Telecommunication Co. (GO) has received the approval of the Capital Market Authority (CMA), the Kingdom’s market regulator, on its request to reduce capital by 25.81 percent from SAR 472.5 million to SAR 350.53 million.

The telecom operator’s share capital will be reduced from 47.3 million shares to 35.05 million shares, the telco said in a bourse statement.

The capital reduction is pending the approval of the extraordinary general meeting and other competent authorities.

GO’s board of directors on March 24 recommended to cut capital to SAR 350.53 million from SAR 472.5 million in order to offset accumulated losses, Argaam previously reported.