Complex Made Simple

Atheeb considers rights issue

Saudi Arabia's first partly private fixed-line phone operator, Atheeb Telecom, has said it is to consider a SR600m ($160m) rights issue after it compounded losses of more than three-quarters of its SR1bn capital, Reuters has reported. The firm said last week its third-quarter net losses more than doubled to SR144m which it blamed on a loss of revenue amounting to SR656m due to complications that prevented it from providing its services. "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.