Etihad Atheeb Communications Company “GO GO” announced that the board of directors decided to recommend to the extraordinary general assembly to increase the company’s capital by issuing rights shares.
Atheeb Telecom said in a statement on Saudi Tadawul today, Monday, that the total amount to be obtained is about 350 million riyals.
She added that it mainly aims to increase the capital to pay the company’s obligations and to develop and modernize its business systems and networks.
The eligibility is for the shareholders owning the shares on the day of the extraordinary general assembly which decided to increase the capital by offering rights shares and whose names appear in the issuer’s shareholder register at the Depository Center at the end of the second trading day following the date of the assembly.
“Atheeb Communications” stated that it appointed Al-Jazira Capital Markets Company “Al-Jazira Capital” as a financial advisor to manage the company’s capital increase process and take all related procedures.
It indicated that it will announce when the capital increase request file is submitted to the Capital Market Authority for its approval, in addition to any other fundamental developments.
Atheeb Telecom’s paid-in capital is 228.529 million riyals, divided into about 22.85 million shares, with a nominal value of 10 pounds per share.
The Board of Directors of Etihad Atheeb Communications Company “GO GO” had recommended to the extraordinary general assembly to reduce the company’s capital by 60.62%, to become after the reduction about 89.999 million riyals, compared to 228.529 million riyals before the reduction.
The number of shares after the reduction becomes about 9 million shares instead of about 22.85 million shares before the reduction.