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Etihad Atheeb's board recommends 61% capital cut

Etihad Atheeb's board recommends 61% capital cut
Reducing capital aims to write off the accumulated losses
ATHEEB TELECOM
7040
-9.09% 28.00 -2.80

Riyadh – Mubasher: The board of Etihad Atheeb Telecommunication Company (GO) has recommended a capital cut by 60.62% to SAR 89.999 million from SAR 228.529 million.

Reducing capital aims to write off the accumulated losses amounting to SAR 138.531 million at a rate of 99.99% as of the end of August 2021, according to a bourse filing on Monday.

The capital will be restructured by canceling 13.853 million of the company's shares.