CMA approves GO Telecom’s capital cut plan

3 Apr 2019

Saudi Arabian fixed line and broadband operator Etihad Atheeb Telecom (GO Telecom) has received the approval of the Capital Market Authority (CMA) to reduce its capital by 25.81% from SAR472.5 million (USD126 million) to SAR350.53 million. The telecom operator said in a bourse statement that its share capital will be reduced from 47.3 million shares to 35.05 million shares, pending the approval of the extraordinary general meeting and other competent authorities. GO’s board of directors recommended the capital cut in March 2019 in order to offset accumulated losses.

Saudi Arabia, Etihad Atheeb (GO Telecom)