Riyadh – Mubasher: The board of Etihad Atheeb Telecommunication Company (GO) has recommended a capital increase to SAR 350 million by offering a rights issue.
Through the capital raise, the company will pay off its obligations and develop and modernise its systems and networks, according to a bourse filing on Monday.
AlJazira Capital has been appointed as a financial advisor to manage the company's capital increase and take all related procedures.
It is noteworthy to mention that during the third quarter (Q3) of 2021, GO incurred net losses after Zakat and tax worth SAR 9.67 million, up19.6% from SAR 12.03 million in Q3-20.
