Riyadh – Mubasher: Saudi Arabia’s Etihad Atheeb Telecommunication (Go) on Sunday announced that its board of directors recommended reducing the company’s capital by 25.8% to amortise accumulated losses.

Go’s capital will be reduced to SAR 350.53 million from SAR 472.5 million through lowering the number of shares to 35.05 million, compared to 47.25 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

On 13 March, the company’s accumulated losses reached SAR 243.94 million, representing 51.63% of its capital, due to the drop in operating and other revenues.

The capital will be reduced through amortising 50% of the accumulated losses, by slashing 12.2 million shares amounting to SAR 121.97 million.

Capital reduction will not affect the firm's financial obligations, the statement affirmed.