Logo of Etihad Atheeb Telecommunication Co.
Etihad Atheeb Telecommunication Co.’s (GO) shareholders approved the board's recommendation on decreasing capital by 60.62%, from SAR 228.53 million to SAR 89.99 million, during the extraordinary general meeting (EGM) held on Jan. 23, according to a bourse filing.
The move aims to restructure the company's capital and offset its accumulated losses.
|
Capital Cut Key Details |
|
|
Current Capital |
SAR 228.53 mln |
|
Number of Shares |
22.85 mln |
|
New Capital |
SAR 89.99 mln |
|
New Number of Shares |
8.99 mln |
|
Reduction (%) |
60.62% |
|
Reason |
Writing off 99.97% of the accumulated losses amounting to SAR 138.53 million |
|
Date |
End of second trading day following the general meeting |
|
Method |
Writing off 13.85 mln shares (3.03 shares for every five shares) |
The stock’s fluctuation limits will be based on a share price of SAR 86.30 and the outstanding orders will be canceled.
A trading halt will be placed on the stock for two business days, as of today, Jan. 24, until the Securities Depository Center (Edaa) reflects shares reduction on investors’ portfolios.
Trading will restart on Jan. 26.
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