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FinancialNews


  • 20-12-11

    Saudi Atheeb gets approval for USD310m capital raise

    (MENAFN) Etihad Atheeb Telecom said that in a move that would allow the Saudi firm to resume trading on the Kingdom's bourse; the firm received the regulatory approval to launch a capital raise of USD310 million, reported Arab News. The firm added that in order to increase its capital, it would issue the 117.5 million shares at a nominal value of USD2.6 a share, moreover, the rights issue would be restricted to existing shareholders. On the other hand, it said that in May, the company's shares were suspended since its accumulated losses reached 95 percent, surpassing the 75 percent assigned by the rules of the Saudi market. It is worth noting that following the suspension, Atheeb reduced its capital by 60 percent to USD106.6 million to cover some of its losses.

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