Saudi Arabia’s Etihad Atheeb Telecom intends to raise its capital to $420 million through a rights issue, Reuters reports. In June, the firm had received authorization for reduction of capital from $266.65 million to $106.66 million after incurring losses. The 60% capital decrease marks each 10 shares owned reduced to six, which will be followed by an increase in the capital. Saudi Fransi Capital will serve as the financial adviser and lead arranger for the issue.
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