Riyadh - The Capital Market Authority (CMA) approved Etihad Atheeb Telecommunication Company's (GO) proposal to raise its capital by SAR 250 million through a rights issue on 8 January 2024, according to a bourse disclosure.

Based on the latest data by the Saudi Exchange (Tadawul), the current authorised and paid-up capital of GO stands at SAR 89.99 million. Therefore, the new capital will amount to SAR 339.99 million after the increase process.

GO is set to determine the offering price and the number of shares available for subscription after the market closes on the same day of holding its extraordinary general meeting (EGM).

In the first nine months (9M) of 2023, the company's net profits surged by 1,922.13%, reaching SAR 100.50 million compared to SAR 4.97 million in the year-ago period.

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