Riyadh – Mubasher: The board of Etihad Atheeb Telecommunication Company (GO) has authorised the executive management to study ways to restructure the company’s capital through a cut and subsequent increase to shrink the accumulated losses.

GO has registered accumulated losses worth SAR 116.78 million at the end of fiscal year (FY) ended on 31 March 2021, according to a bourse filing on Tuesday.

The above value accounted for 51.1% of GO’s SAR 228.52 million capital.

The telecom operator also intends to increase the financial solvency of the company, besides considering strategic expansion, improving operational and financial performance.

GO suffered net losses after Zakat and tax of SAR 38.26 million in FY ended in March 2021, down 46.5% from SAR 71.61 million in the prior FY.

Prior to the end of FY20/21, GO had announced that its accumulated losses reached 0% of the capital.