Etihad GO Telecom Co. — Capital/Financing Update 2021

Jul 6, 2021

Etihad Atheeb Telecommunication Co. (GO) announces Board’s Recommendation to Authorize Its Executive Management to Study Ways to Restructure the Company’s Capital

7040 · 06/07/2021 08:17:14 · Announcement #64039 · View on Saudi Exchange

Etihad Atheeb Telecommunication Co. (GO) announces Board’s Recommendation to Authorize Its Executive Management to Study Ways to Restructure the Company’s Capital

Element List	Explanation
Announcement Detail	Etihad Atheeb Telecommunication Co. (GO) announces the Board of Directors’ decision taken on 25/11/1442 AH corresponding to 05/07/2021 AD to authorize the executive management to study ways to restructure the Company’s capital; including capital reduction and subsequent capital increase in accordance with the Company's current financial position.

This authorization also includes the appointment of financial and legal advisors as well as presenting to the Board of Directors a future financial plan on how to increase the financial solvency of the company, strategic expansion, improving operational and financial performance.

The Board’s decision aims to reduce the company’s accumulated losses amounting to SAR 116,789,640 as at the end of FY ending on 31/03/2021, which is equivalent to 51.10% of the company’s capital, which amounted to SAR 228,529,000 at the end of the same period.

The company will announce any material developments including but not limited to the percentage of capital reduction, date of reduction, and capital increase percentage, in due course as stipulated the laws and regulations.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.