close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Saudi telco Atheeb eyes rights issue after losses

Considering $160 rights issue after losses accumulate; Shareholders to decide on rights issue, chairman says

0

January 22, 2011 2:46 by



Atheeb Telecom, Saudi Arabia’s first partly private fixed-line phone operator, said on Saturday it will consider a rights issue after it compounded losses of more than three-quarters of its capital.

“There are several options to decrease the losses. There are proceedings that have to be made and a shareholders meeting that must be set,” the firm’s chairman Prince Abdul-Aziz bin Ahmed al Saud told Al Arabiya television.

Atheeb said in a bourse statement on Saturday that it will seek shareholders approval for a 600 million riyal ($160 million) rights issue after its accumulated losses exceeded three-quarters of its capital.

Atheeb’s capital is 1 billion riyals. Its financial year ends on March 31.

The firm said last week its third-quarter net losses more than doubled to 144 million riyals which it blamed on a loss of revenue amounting to 656 million riyals due to complications that prevented it from providing its services.

Atheeb has been facing financial challenges since June of last year when its former chief executive resigned after the firm accumulated losses close to 40 percent of its capital, only one year after starting the business.

Bahrain Telecom holds a 15 percent stake in Atheeb Telecom.

Atheeb, which focuses mainly on broadband, started commercial operations in June 2009 and competes with state-controlled Saudi Telecom, Etihad Etisalat (Mobily), and Zain Saudi



0

Tags: , ,

Leave a Comment