Atheeb Telecom intends to reduce its capital by 60.6%

Etihad Atheeb Communications Company GO intends to reduce the company's capital by 60.62%.

According to Arabiya Net, the company said in a statement that the capital, after the reduction, becomes about 89.999 million riyals, compared to 228.529 million riyals before the reduction.

And she added that the number of shares after the reduction becomes about 9 million shares, instead of about 22.85 million shares before the reduction.

Atheeb Telecom stated that the capital reduction consists in restructuring the company's capital to extinguish the accumulated losses as at the end of August 2021, amounting to 138.53 million riyals, at a rate of 99.99%.

And she added that the way to reduce the capital is by canceling 13.85 million shares of the company's shares, by canceling 3.03 shares for every 5 issued shares of the company.

Etihad Atheeb Telecom indicated that Al Jazira Capital Markets Company has appointed Al Jazira Capital as a financial advisor to manage the company's capital reduction and take all related procedures.