Mubasher: The extraordinary general meeting (EGM) of Etihad Atheeb Telecommunication (Go) approved shrinking the capital by 60% to SAR 630 million from SAR 1.575 billion.

Go will reduce 1.2 shares per each two shares, by cancelling 94.5 million shares to total 63 million from 157.5 million, according to a bourse filing issued on Tuesday.

This capital reduction aims to restructuring in order to keep pace with Go’s new business system.

The statement noted that this capital cut will have no financial impact on the company’s liabilities.