GO subscription, rights trading to start today

Logo of Etihad Atheeb Telecommunication Co. (GO)

The subscription and tradable rights period for Etihad Atheeb Telecommunication Co. (GO) will start today, Feb. 12 to increase capital by SAR 250 million from SAR 89.99 million to SAR 339.99 million.

The rights trading will end on Feb. 19, while the subscription process will close on Feb. 25.

The telecom operator plans to offer 25 million shares at SAR 10 each to increase capital by 277.78%. Each right will entitle the holder to subscribe to one new share at offer price.

Details of Capital Increase
Current capital	SAR 89.99 mln
Current number of shares	8.99 mln
Capital after increase	SAR 339.99 mln
Number of shares	33.99 mln
Percentage of increase	277.78%

Rights Issue Details
Number of shares offered	25 mln
Offer price	SAR 10
Size of issue	SAR 250 mln
Subscription period	Feb. 12-25
Rights Trading Period	Feb. 12-19
Reason	To settle some outstanding obligations to suppliers and develop the company’s infrastructure and network.
Record Date	Feb. 6
Rights coefficient	2.7778 right per every share held
Use of offering proceeds	Partial payment of the outstanding balances and dues to a main supplier	49
	Payment of balance due to the Communications, Space and Technology Commission	15
	Partial settlement of outstanding balance to TAWAL Co.	26
	Developing infrastructure (IP-MPLS)	35
	Developing microwave technology to support the business sector	30
	Developing and building information centers	10
	Updating core network equipment	35
	Implementing cyber security systems	40
	Developing Network capacity	40
	Offering costs	6
	Total	250

Additional Information
Financial advisor, lead manager and underwriter	Alinma Investment

Right holders may subscribe, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new shares subscription will be as per the prospectus.

Any rump shares and fractional shares will be offered to institutional investors, according to the prospectus. Alinma Investment will buy unsubscribed shares after the rump offering.

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