Etihad Atheeb Telecommunication Co. (GO) announces the Board's Recommendation to Increase the Capital by Offering Rights Issues
02/04/2023
| Element List | Explanation |
|---|---|
| Introduction | Etihad Atheeb Telecommunication Company (GO) announces that the Board of Directors issued a by-pass decision on 07-09-1444 corresponding to 29-03-2023, to recommend to the Extraordinary General Assembly to increase the Company's capital by offering rights issue according to the following details: |
| Date of Board Meeting | 2023-03-29 Corresponding to 1444-09-07 |
| Target Amount | SAR 250,000,000 |
| Reasons for the increase | The main objective of the company is to increase the capital to pay off the company’s obligations and to develop and modernize its systems and networks. |
| Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer's Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly's Meeting. |
| Approvals | The approval of the relevant official authorities and the extraordinary general assembly. |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | In the same decision, alinma investment Company (alinma investment) was appointed as a financial advisor to manage the company’s capital increase and take all related procedures. An announcement will be made upon submitting the capital increase application file to the Capital Market Authority (CMA) for its approval, in addition to any other material developments. |
