Logo of Etihad Atheeb Telecommunication Co. (GO)
Etihad Atheeb Telecommunication Co.’s (GO) board of directors approved today, Oct. 13, changing its recommendation to increase capital through a rights issue to SAR 250 million from SAR 350 million, as follows:
|
Capital Increase Highlights |
|
|
Current Capital |
SAR 90 mln |
|
Number of Shares |
9 mln |
|
Method |
SAR 250 mln rights issue |
|
Capital Increase (%) |
278% (Issuance of 2.78 shares for every one share held) |
|
New Capital |
SAR 340 mln |
|
Number of Shares |
34 mln |
|
Reason |
Reassess the company’s needs to fulfill its obligations, and upgrade its business networks and systems |
The target capital increase is subject to the approval of the relevant regulatory authorities and the company’s extraordinary general meeting (EGM), GO added, indicating that any updates in this regard will be announced in due course.
Last December, the company’s board of directors approved increasing capital through a SAR 350 million rights issue, according to Argaam's data.
Comments
{{DisplayName}}
{{ElapsedTime}}