Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Etihad Atheeb Telecommunication Company’s (GO) request to reduce capital.

Recently, the company’s board of directors recommended a 34.8% capital cut to amortise about SAR 122 million or 67.4% of accumulated losses.

Accordingly, Go will reduce its capital from SAR 350.5 million to SAR 228.5 million, through the cancellation of 12.2 million shares.

GO appointed Saudi Kuwaiti Finance House (SKFH) as a financial advisor.

This move is subject to the approval of the company’s extraordinary general assembly meeting (EGM).