Etihad Atheeb signs settlement agreement with major supplier

Etihad Atheeb Telecommunication Co. (GO) signed an agreement with one of the main suppliers to settle all balances and debts since the beginning of the dealings between the two parties until Dec. 31, 2020.

The net balance until Dec. 31, 2020 amounts to SR 370 million ($98.6 million) in favor of the main supplier, Etihad Atheeb said in a bourse statement.

Both parties also agreed to cancel the optical fiber (FTTH IRU) agreement signed earlier.

The financial impact of the settlement will be disclosed in the next financial results.