Riyadh – Mubasher: Saudi Arabia-based Etihad Atheeb Telecommunication (Go) on Thursday appointed Saudi Kuwaiti Finance House (SKFH) as a financial adviser on managing its capital reduction after obtaining regulatory approvals.

Go has ascribed capital decrease to amortise accumulated losses that reached SAR 316.7million, representing 50.27% of its capital.

The decrease of revenues and the rise in interconnection costs led to accumulated losses, the company said. 

On Thursday, the telecommunications provider said that the number of shares will drop to 47.25 million, from 63 million shares.