Sunday 7 August 2011

Saudi Atheeb eyes rights issue to lift balance sheet | Reuters

Saudi Arabia's Etihad Atheeb Telecom plans to raise its capital threefold to 1.575 billion riyals ($420 million) through a rights issue after cutting it by more than half to cover accumulated losses, the firm said in statements.

The company, which operates under the brand name GO, was awarded a Saudi fixed line services licence in 2009 and has been facing mounting losses over the past year.

Atheeb, 15 percent-owned by Bahrain Telecommunications Co (Batelco), received regulatory approval in June to cut its capital from 1 billion riyals to 400 million riyals after it accumulated losses equivalent to 95 percent of its capital.

No comments:

Post a Comment