Etihad Atheeb Telecommunication Co.’s (GO) shareholders are set to vote on a 25.81 percent capital cut to SAR 350.53 million from SAR 472.5 million during the extraordinary general assembly meeting that will be held on April 24, 2019, the company said in a statement on Tadawul.

 

The capital cut aims to offset accumulated losses.

 

Last month, the company said that its accumulated losses as of March13, 2019 reached SAR 243.9 million representing 51.63 percent of capital, as reported by Argaam.

 

Key Figures of the Capital Reduction

Current Capital

SAR 472.5 mln

Number of shares

47.25 mln shares

Reduction (%)

25.81% (1 for every 3.87 shares)

New Capital

SAR 350.53 mln

New number of shares

35.05 mln shares

Method

Canceling 12.2 mln shares

Record date

April 24, 2019

Driver

To offset 50% of accumulated losses (SAR 121.97 mln)

 

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