GO shareholders approve capital hike via SAR 250M rights issue

Logo of Etihad Atheeb Telecommunication Co. (GO)

Shareholders of Etihad Atheeb Telecommunication Co. (GO) approved capital increase via a SAR 250 million rights issue during the extraordinary general meeting (EGM) held on Feb. 6, according to a statement to Tadawul.

 

Details of Capital Increase

Current Capital

SAR 89.99 mln

Current Number of Shares

8.99 mln

Percentage of Increase

277.78% (2.7778 shares for every share held)

Capital after Increase

SAR 339.99 mln

Number of Shares

33.99 mln

Method

SAR 250 mln rights issue

Reason

Develop and modernize its business systems and networks and pay some of its obligations.

Record Date

Shareholders registered with Edaa by the end of the second trading day following the EGM
 

The statement added that the shareholders approved amending Article 7 of the company’s bylaws related to the capital, as well as Article 8 related to subscribing to shares.

 

In a separate statement, Tadawul said the daily trading fluctuation limit on GO shares will be based on a price of SAR 57.10 for today, Feb. 7, and the outstanding orders will be canceled.

 

The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by Feb. 11.

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