Etihad GO Telecom Co. — Capital/Financing Update 2011

Oct 9, 2011

Further to Etihad Atheeb Telecom (GO) announcement, regarding to the increase of its capital through Rights Issue.

7040 · 09/10/2011 08:18:20 · Announcement #22784 · View on Saudi Exchange

Further to Etihad Atheeb Telecom (GO) announcement, regarding to the increase of its capital through Rights Issue.

Further to Etihad Atheeb Telecom (GO) announcement on6/9/1432H (6/8/2011), regarding the recommendation of the Board to increase capital via Rights Issue, we report to our shareholders that the Companys Management had submitted the file to CMA.

EATC CEO, Mr Zaid Al Shabanat announced that EATC, traded under the name of Etihad Atheeb is poised for steady growth as the company submitted to the CMA an application to increase the companys capital to SAR 1.175 billion.

In a fiercely competitive market, EATC GO has managed to create base of (190,000) subscriptions, enjoying great value and excellent quality of broadband access and fourth generation voice services stated Mr Zaid Al Shabanat.

Whilst the market offers many opportunities, as a newly established company, we need to focus and carve the right niche for our services to residential, medium, and small business customers. We are focusing more and more on delivering quality of service, speed, value and customer care to our customers through our retail channels and dedicated sales force. Whilst we have leading edge technology, we are confident in satisfying our customers demand for reliability, service and value continued Mr Zaid....

EATC CEO announced that he was pleased to submit the relevant documentation to CMA.

The company will continue to invest in the Kingdoms growing telecommunications market stated CEO.... The Founding Shareholders are in the process of injecting new capital through a rights issue of SAR 1.175 billion. We are delighted to have appointed Saudi Fransi Capital (SFC) as the sole financial advisor, underwriter and lead manager to implement this rights issue. We anticipate completion of the capital raising after receiving various approvals from Saudi regulatory authorities.

All Founding Shareholders have committed to their contribution of the rights issue and are supportive of Managements plans to continue growing the business whilst focusing on niche consumer and SME markets we can serve well commented EATCs CEO.

The new capital injection will assist EATC to realise further growth in the market and position EATC as a brand of choice in the KSA Market concluded Mr Zaid....

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