Riyadh - Mubasher: Etihad Atheeb Telecommunication Company (GO) announced that its rights issues have received SAR 241.23 million in subscriptions.
Around 24.12 million of the 25 million new shares were subscribed, indicating a coverage ratio of 96.49%, according to a bourse filing.
A total of 876,601 remaining (rump) shares will be offered from 28 through 29 February.
The remaining unsubscribed shares will be sold to institutional investors based on their offers, from highest to lowest (as long as the offer meets or exceeds the price), and shares will be distributed proportionally among investors offering the same price.
Alinma Investment Company will be the underwriter for the shares that will remain unsubscribed after the rump offering, for the offer price.
In January, the Capital Market Authority (CMA) approved GO’s proposal to increase capital by SAR 250 million through a rights issue.
During the initial nine months (9M) of 2023, the company experienced a significant surge in net profits, skyrocketing by 1,922.13% to SAR 100.50 million from SAR 4.97 million in the same period last year.
