RIYADH: The Saudi Capital Market Authority has approved Etihad Atheeb Telecommunication Co.’s request to cut its capital, a statement on the authority’s website said.
The company, also known as GO, is a fixed-line operator in the Kingdom and provides voice and broadband services.
This will reduce the company’s capital to SR90 million ($24 million) from SR228.5 million.
The number of shares will to about 9 million, from 22.8 million.
The CMA said that this move is conditional on an approval from the company’s extraordinary general assembly, and the completion of related procedures and regulations.
Etihad Atheeb is set to release a disclosure document outlining to shareholders the proposed method of capital reduction and the predicted effect of such a decision before the general assembly.