CMA approves GO Telecom’s capital cut plan

5 Feb 2020

Saudi Arabian fixed line and broadband operator Etihad Atheeb Telecom (GO Telecom) has received approval from the Capital Market Authority (CMA) to reduce its capital by 34.8% from SAR350.53 million (USD93.4 million) to SAR28.53 million, with its number of shares to drop from 35.05 million to 22.85 million. The CMA’s authorisation is conditional on the proposal being approved by the company’s extraordinary general assembly and the completion of necessary procedures, the statement added. GO’s board of directors recommended the capital reduction in January 2020 in order to offset 67.41% of total accumulated losses.

Saudi Arabia, Etihad Atheeb (GO Telecom)