GO issues prospectus for capital hike via rights issue

Logo of Etihad Atheeb Telecommunication Co. (GO)

Etihad Atheeb Telecommunication Co. (GO) announced the prospectus for its capital increase through a SAR 250 million rights offering.

The company’s capital will be raised by 227.78% to SAR 339.99 million by offering 25 million shares at an offer price of SAR 10 each.

The company's shareholders will vote on the board's recommendation to increase capital during the extraordinary general meeting (EGM) scheduled for Feb. 6.

The Capital Market Authority (CMA) approved, on Jan. 8, the request received from the company to increase capital through a rights issue in order to pay off its obligations as well as develop and modernize its business systems and networks, according to data available with Argaam.

Capital Increase Details
Current Capital	SAR 89.99 mln
Current Number of Shares	8.99 mln
New Capital	SAR 339.99 mln
New Number of Shares	33.99 mln
Percentage Increase	277.78%

Rights Issue Details
Offered Shares	25 mln
Offer Price	SAR 10
Issue Size	SAR 250 mln
Eligibility Ratio	Each listed shareholder shall have the right to subscribe to 2.7778 rights per each owned share
Rights Issue Proceeds (SAR mln)	Repay main supplier dues	49
	Payment of dues to CST	15
	Partial payment of the total settlement with TAWAL	26
	Infrastructure development through networking upgrading	35
	Advancing microwave technology for business development	30
	Building data centers	10
	Upgrading network equipment	35
	Applying cybersecurity systems	40
	Developing network capacity	40
	Offering costs	6
	Total	250

Additional Information
Financial Advisor, Lead Manager & Underwriter	Alinma Investement

Earlier, GO’s shareholders rejected the board’s recommendation to increase the company’s capital to SAR 340 million through a SAR 250 million rights issue during an EGM held in March 2023, according to data compiled by Argaam.

Prospectus

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