GO Telecom unveils a new restructuring plan

14 Mar 2017

Saudi Arabian telecoms provider Etihad Atheeb (GO Telecom) has unveiled a new restructuring plan to boost growth and fulfil regulatory requirements, the company said in a statement to Tadawul following the Capital Market Authority’s (CMA’s) approval to cut its capital by 60% to SAR630 million (USD167 million) to offset losses. GO Telecom revealed that it submitted an application to Saudi Arabia’s Communications and IT Commission (CITC) for a unified telecoms concession to provide converged mobile, fixed broadband and landline telephony services. If its application is successful, the telecoms operator is planning to hike its capital to build a new telecoms network, which will enable it to compete with local rivals. The strategy will also focus on boosting income and reducing losses from the commercial agreements signed with various entities, the statement added. The new turnaround programme is subject to approval of GO Telecom’s extraordinary general assembly.

Saudi Arabia, Communications and IT Commission (CITC), Etihad Atheeb (GO Telecom)