Etihad Atheeb Telecommunication Co. (GO) announces the developments regarding the use of proceeds from the rights issue shares subscription
Etihad Atheeb Telecom Company (GO) announces the developments in the use of proceeds from the rights issue, which was during the period from 24-03-2012 to 31-03-2012, advertised the actual use of proceeds until the end of March 31, 2017 compared to what has been disclosed in the announcement of the issuance of shares for rights issue as follows:-
- 886,725,610 SAR was paid to the Banque Saudi Fransi in exchange for partial repayment of the original loan and the repayment of the loan fees and repayment of installment due in the same period, in addition to the installments payable every three months while in the issuance announcement was 768,000,000 SAR with variation of 118,725,610 SAR and this difference is the quarterly installments to the Bank after prospectus.
- 119,900,000 SAR was paid to the founding partners in exchange for the mezzanine loan.
- 49,639,385 SAR was paid to ZTE Corporation in exchange for part of the network equipment and network management expenses.
- 8,611,900 SAR was paid to the Power Horizon company part of dues as in the contracts.
- 25,783,371 SAR was paid to Etihad Etisalat (Mobily) against some outstanding bills.
- 14,961,135 SAR was paid to Motorola Inc. to provide the company with some equipment and technical services.
- 2,125,812 SAR was paid to Icom Company in exchange for advertising services provided to the company where the company has dedicated 2,000,000 SAR for this item. The real amount paid is 2,125,812 SAR with variation of 125,812 SAR and this difference represents unexpected increase in advertising after prospectus.
- 13,225,352 SAR was paid to the Green Packet company against some outstanding bills.
- 2,994,984 SAR was paid to The Saudi Telecom Company (STC) for the use of its network.
- 26,032,451 SAR was paid to the Wipro Company against some of the monthly bills.
The amount obtained from the Initial public offering was 1,150,000,000 SAR and the amount spent on the items set forth and defined in the prospectus on IPO a total of 1,150,000,000 SAR during the above period, Therefore we paid all the terms set forth and defined in the prospectus on IPO to article XI.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.