Etihad Atheeb shareholders to vote on addressing accumulated losses on Jan. 23

Etihad Atheeb Telecommunication Co.'s (GO) shareholders will vote on addressing the accumulated losses that reached 50% or more of capital, during the extraordinary general meeting (EGM) that will be held on Jan. 23, 2022, according to a bourse statement.

In July 2021, the company's board of directors decided to authorize the executive management to study ways to restructure the company’s capital. This included capital reduction and subsequent capital increase in accordance with the company's current financial position, Argaam earlier reported.

The company's board of directors recommended in October reducing capital by 60.62% from SAR 228.53 million to SAR 89.99 million, to restructure the company's capital to write off the accumulated losses amounting to SAR 138.53 million.