Etihad Atheeb says accumulated losses down 33.63% following capital reduction

Etihad Atheeb Telecommunication Co. (Go) said its accumulated losses decreased to 33.63% of the capital as of Feb. 27, 2020, amounting to SAR 76.85 million.

The company attributed the losses to a decline in capital to SAR 228.53 million by offsetting 67.41% of the accumulated losses through cancellation of shares worth SAR 122 million, it said in a bourse statement.

The telecom provider stressed it will be subject to Capital Market Authority (CMA) regulations regarding companies with accumulated losses reaching 20% of capital or more.