Etihad Atheeb's accumulated losses reach 51.63% of capital

19/01/2020 Argaam

 

Etihad Atheeb Telecommunication Co. (GO) said its accumulated losses as of Jan.16, 2020 reached SAR 180.98 million, representing 51.63% of capital amounting to SAR 350.53 million, according to a bourse statement on Sunday.

 

The company attributed the losses to a drop in operating revenues and other income, in addition to the increase of depreciation expenses and financial fees.

 

The telecom provider stressed it will be subject to Capital Market Authority (CMA) regulations regarding companies with accumulated losses reaching 20% of capital or more.

               

The Saudi Stock Exchange (Tadawul) has suspended Etihad Atheeb from trading since July 1, 2018.

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