Riyadh – Mubasher: Etihad Atheeb Telecommunication's "Go" board recommended reducing the company’s capital from SAR 1.575 billion to SAR 630 million by 60%, to restructure the capital.

Around SAR 945 million will be decreased from the capital which equals 94.5 million shares, so that the shares will be reduced from 157.5 million to 63 million, according to a bourse filing.

The company stated that the capital cut will not have any core impact on the financial obligations of the company. The reduction is subject to the approval of official bodies and general assembly.

The Saudi-listed firm will announce later appointing a financial advisor and submitting the capital cut request to the Capital Market Authority (CMA).

Saudi Arabian Monetary Agency (SAMA) directed all the Saudi-listed firms of which accumulated losses reached 50% or more to disclose their plans to resolve their issues in a period not to exceed 21 April.

Go's accumulated losses to December stood at SAR 1.21 billion which accounts for 76.95% of the SAR 1.575 billion capital.