An Announcement Regarding the Preliminary Financial Results for the Third Quarter of Etihad Atheeb Telecommunication Company

Etihad Atheeb Telecommunication Company published its financial results for the third quarter of the preliminary financial period ending in 31/12/2010 on the (Tadawul) website on Wednesday 15/2/1432 H, 19/1/2011. The announcement showed that the company’s losses for the third quarter of 2010 reached 144 million Saudi Riyals resulting in accumulated losses for the company that exceeded three quarters of its capital which requires taking the necessary legal procedures.

Since theses preliminary results show that the company’s accumulated losses reached a big percentage of the capital which affects the integrity of its financial decision, the CMA Board has announced its decision number (1-3-2011) dated 18/2/1432, 22/1/2011 that includes granting Etihad Atheeb Telecommunication Company an extension to modify its conditions according to relevant laws until the end of its fiscal year on  31/03/2011. CMA will look into the decisions taken by the company after the expiration of the period in question.