Saudi Arabia-based Etihad Atheeb Telecommunication (Go) announced that its accumulated losses exceeded 50.27% of its capital in December 2017.
Go’s capital amounts to SAR 630 million, while its accumulated losses hit SAR 316.7 million due to drop in operating revenues, higher leasing fees, and delay in obtaining a unified license, according to a bourse statement on Thursday.
The Saudi telecommunications provider will announce its board of directors’ recommendation regarding accumulated losses through a capital reduction or hike, or both.
Go posted SAR 29.81 million net losses in the second quarter of 2017, against net profits of SAR 15.36 million.
The stock fell 1.29%, closing Thursday at SAR 6.87.