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FINANCIAL NEWS
Saudi EATC cuts capital to USD106m
08 Aug 2011
(MENAFN) Etihad Atheeb Telecommunication Co. (EATC), the Saudi fixed line operator, said that the company would cut its USD266 million capital to USD106 million, reducing its shares from 100 million to 40 million, reported Gulf News.
EATC added that the company continued to report losses due to fierce competition with Saudi Telecom Co, in addition to other teleco operators in the Kingdom like Zain and Etisalat.
The company also said that it filed a lawsuit to the Grievances Bureau after it was prevented by Communications and Information Technology Commission (CITC) from providing services included in its license as a result of tough competition with Saudi Telecom Co (STC), claiming that STC breached the country’s antimonopoly law after it blocked several services to its clients forcing the company to make losses.
It is worth noting that Bahrain Telecommunications Co owns 15 percent of Etihad Atheeb which started operations in January 2010.
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