GO gets CMA approval for SAR 250 mln rights issue to raise capital

Logo of Etihad Atheeb Telecommunication Co. (GO)

The Capital Market Authority (CMA) greenlit the application received from Etihad Atheeb Telecommunication Co. (GO) to increase its capital through a SAR 250 million rights offering.

In a statement today, Feb. 8, the market regulator said eligibility for the rights issue shares will be to shareholders of record at the Securities Depository Center (Edaa) as of the closing of the second trading day after the extraordinary general meeting (EGM), which will be determined by the company’s board of directors.

The offering price and the number of shares offered will be determined by GO after market closing on the EGM date. The prospectus will be issued and made available later.

The authority also noted that its approval of the prospectus should not be considered as a recommendation to participate in the offer or to invest in the insurer’s shares.

In December 2022, GO’s board of directors recommended a SAR 250 million rights issue to raise capital instead of a previous proposal for a SAR 350 million rights issue, Argaam earlier reported.

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