The Board of Directors of Etihad Atheeb Telecom Company (GO) have announced the results of the 13th Extraordinary General Assembly, which included the approval to reduce the company’s capital. Further, there was a talk of assurance of the safety of shareholders and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the emerging coronavirus (COVID-19), and as an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia.
Following are the results of the meeting:
Approval on the recommendation of the Company’s Board of Directors to decrease the Company’s capital according to the following:
- The company’s capital before the decrease is 228,529,000 SAR, the capital after the decrease 89,999,000 SAR, at a reduction of %60.62.
- Number of shares before the decrease 22,852,900 shares, number of shares after the decrease 8,999,900 shares.
- (3.03) shares will be reduced for every (5) shares.
- Reason for Capital Decrease: Amortizing (99.97%) of the total accumulated losses amounting to (138,577,873) Saudi riyals.
- Method of Capital Decrease:
- Amortizing (99.97%) of the total accumulated losses, an amount of (138,577,873) Saudi riyals.
- Cancellation of (13,853,000) shares of the company’s shares.
- Impact of the Capital Decrease on the Company’s Obligations: There is no impact of reducing the company’s capital on its financial obligations.
- If the item is approved, the reduction decision will be effective on the company’s shareholders who own shares on the day of the extraordinary general assembly who are registered in the company’s shareholders records with the Securities Depository Center Company (Edaa Center) at the end of the second trading day following the date of the extraordinary general assembly that was decided in which the capital is reduced.
