Riyadh – Mubasher: Saudi Arabia's Etihad Atheeb Telecommunication (Go) on Wednesday announced that its extraordinary general meeting (EGM) on Tuesday, 13 February, approved reducing the company’s capital by 25%.

The capital will be trimmed to SAR 472.5 million from SAR 630 million, as the shares of the telecommunications provider will reach 47.25 million shares, down from 63 million shares, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Go attributed the board’s decision to eliminate accumulated losses that reached SAR 316.7 million by 31 December 2017, which represent 50.3% of the company’s capital.

Capital reduction will not affect the firm’s financial obligations, according to the statement.