Atheeb Telecom submits capital cut request to CMA

Etihad Atheeb Telecommunication Co. (GO) has submitted on Thursday its application to reduce capital to the Capital Market Authority (CMA), the telecom operator said in a statement to Tadawul.

The company’s board of directors has recommended a 60 percent capital reduction to SAR 630 million from SAR 1.57 billion through writing down 94.5 million shares from its current 157.5 million shares as it moves to cut losses, Argaam earlier reported.