Riyadh – Mubasher: Etihad Atheeb Telecommunication (Go) on Sunday announced that its accumulated losses decreased to SAR 225.95 million, representing 47.82% of the telecommunications provider's capital after reduction.

The Saudi Arabia-based firm said that its accumulated losses had amounted to SAR 175.95 million before the Saudi Communications and Information Technology Commission (CITC) withdrew a bank guarantee worth SAR 50 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi telecom provider noted its extraordinary general meeting (EGM) on 13 February approved amortisation of SAR 157.5 million from its accumulated losses.

The capital decrease will not affect its financial obligations, the company said.  

On 12 February, the CITC informed 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.  not paying the first tranche.

By 10:26 am KSA time, Go’s stock fell 1.69% to SAR 7.57.