Riyadh – Mubasher: Etihad Atheeb Telecommunication (Go) announced that its accumulated losses reached SAR 292.1 million, representing 46.6% of capital.

The losses are attributable to a decrease in operating revenues of the broadband provided through WIMAX technique, with higher costs of offering new services and lower other revenues.

The Saudi-listed firm had put a plan to offset its accumulated losses, including reducing the capital from SAR 1.575 billion to SAR 630 million, adding to obtaining the unified license from the Saudi Communications and Information Technology Commission (CITC).

Go noted that it will apply a number of procedures and instructions issued by the Capital Market Authority (CMA) concerning the listed companies of which accumulated losses reached 20% or more of capital.