Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Etihad Atheeb Telecommunication’s (Go) request to reduce its capital to SAR 350.53 million ($93.44 million) from SAR 472.5 million ($125.96 million).

The number of Go’s shares will be slashed to 35.05 million, compared to 47.25 million, according to CMA’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The capital reduction is conditional on the approval of the Saudi telecom operator’s extraordinary general meeting (EGM) and the completion of the necessary relevant procedures, the statement added.

In March, Go appointed the Saudi Kuwaiti Finance House (SKFH) as a financial advisor to manage its capital cut after its board of directors proposed reducing the company’s capital by 25.8% to amortise accumulated losses.

On 12 March, the company’s accumulated losses accounted for 51.63% of its capital.