Etihad Atheeb Communications Company (GO GO) decided to assign the executive management to study ways to restructure the capital, including reducing the capital; And then raise it in proportion to the company's financial position.
According to Arabiya Net, this assignment includes appointing financial and legal advisors, and presenting a future financial plan to the Board of Directors dealing with how to raise the company's financial solvency, strategic expansion and improving operational and financial performance, According to a company statement on the Saudi stock exchange website, Tadawul.
The board's decision aims to reduce the company's accumulated losses, amounting to 116,789,640 riyals, as at the end of the fiscal year ending on 03/31/2021, which is equivalent to 51.10% of the company's capital. The company's money amounting to 228,529,000 riyals at the end of the same period.
The company said in its statement today, Tuesday, that it will announce any material developments, such as the percentage of capital reduction, date of reduction and percentage increase in capital, to name a few. At the time, according to the rules and regulations.
