The Saudi telecom regulator will liquidate a SAR 50 million bank guarantee extended by Etihad Atheeb Telecommunication Co. (GO) to partly redeem the cost of new frequencies awarded to the company.

 

The regulatory decision came after the company's failure to pay the first installment for the frequencies acquired recently, the company said in a stock market filing.

 

The decision may cost the company a loss of SAR 366.7 million, 58.21 percent of its capital. The company said it will take action to protect shareholders’ fortune.

 

In June 2017, Atheeb Telecom secured additional spectrum for SAR 21 billion. In September, however, the regulator reclaimed the award on company's failure to pay a first installment of SAR 619 million.

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