Saudi fixed-line operator Etihad Atheeb Telecom is looking to increase its capital from SR400m (US$106m) to SR1.575bn (US$420m) via a rights issue, according to a Reuters report citing statements on the Saudi bourse.
Before that capital increase, the…
Saudi fixed-line operator Etihad Atheeb Telecom is looking to increase its capital from SR400m (US$106m) to SR1.575bn (US$420m) via a rights issue, according to a Reuters report citing statements on the Saudi bourse.
Before that capital increase, the telco will first reduce its capital from SR1bn (US$267m) to SR400m by cutting the number of shares owned.
This comes after Etihad Atheeb reportedly posted mounting losses equivalent to 95% of its capital.
Reuters wrote that Saudi Fransi Capital has been hired as financial adviser and lead arranger for the rights issue.
