Saudi telco Etihad Atheeb names new CEO
Riyadh, October 9, 2012
Saudi Arabia's Etihad Atheeb Telecom appointed a new chief executive on Tuesday, a day after the loss-making firm's shares slumped to an all-time low.
The company, which operates under the brand name Go and provides fixed line voice and internet services in the kingdom, named Emad Ma'ali as chief executive with immediate effect, replacing acting CEO Abdulrahman Mutrib, a spokesman said.
Atheeb, 15-percent owned by Bahrain Telecommunications Company, reported a net loss of 45.6 million riyals for the financial year ending March 31.
The operator also undertook a capital restructuring to offset accumulated losses, cutting its capital last year by 60 percent to 400 million riyals before completing a 1.2-billion riyals rights issue. - Reuters