Riyadh – Mubasher: The Saudi Communications and Information Technology Commission (CITC) has informed Etihad Atheeb Telecommunication (Go) about retaking the frequencies 700 and 1800 MHz, formerly awarded to the Saudi Arabia-based telecoms operator through an auction, due to not paying the first tranche. 

The CITC will liquidate a  bank guarantee worth SAR 50 million presented by GO, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).

Go stated that liquidating the loan will raise its loss to SAR 366.7 million that represents 58.21% of its capital.

By 10:06 am KSA time, Go’s stock inched down 0.83% to SAR 5.95.