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Etihad Atheeb Telecommunication Co. (GO Telecom) announces obtaining initial approval from the Saudi Central Bank to establish a subsidiary company to engage in micro consumer financing activities in the Kingdom of Saudi Arabia.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Etihad Atheeb Telecommunication Co. (GO Telecom) in the Saudi Stock Exchange (Tadawul) on 12-09-1446 AH corresponding to 12-03-2025 AD that its subsidiary, “Al-Hulul Al-Muntilga Company”, has received initial approval from the Saudi Central Bank to establish a subsidiary to practice microfinance in the Kingdom of Saudi Arabia. Referring to the announcement of Etihad Atheeb Telecommunication Co. (GO Telecom) in the Saudi Stock Exchange (Tadawul) on 24-11-1446 AH corresponding to 22-05-2025 AD regarding received on 23/11/1446 AH, corresponding to 21/05/2025 AD, a letter of no objection from the Saudi Central Bank to change the name of its subsidiary company from “Al-Intilaq Solutions for Financing” to “Al-Hulul Al-Muntilga Company”. Etihad Atheeb Telecommunication Co. (GO Telecom) announces the completion of the establishment of its subsidiary, “Al-Hulul Al-Muntilga Company” (a closed joint-stock company), wholly owned 100% by Etihad Atheeb Telecommunication Co. (GO Telecom), It has a capital of 20 million Saudi riyals and a Unified Entity Number of 7050180178. Its head office is in Riyadh. |
| Previous Announcement | Etihad Atheeb Telecommunication Co. "GO Telecom" announces an update on obtaining initial approval from the Saudi Central Bank to establish a subsidiary company to engage in micro consumer financing activities in the Kingdom of Saudi Arabia. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-05-22 Corresponding to 1446-11-24 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The procedures for establishing the subsidiary company (“Al-Hulul Al-Muntilga Company”) have been completed. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | “Al-Hulul Al-Muntilga Company” aims to provide micro consumer financing services and contribute to advancing digital financial services in Saudi Arabia, aligning with Vision 2030 and the strategic direction of Etihad Atheeb Telecommunication Co "GO Telecom." This expansion reflects GO Telecom’s commitment to fostering innovation in digital financial services and delivering innovative financing solutions that cater to the evolving needs of the Saudi market. Any future updates regarding the final licensing of “Al-Hulul Al-Muntilga Company” by the Saudi Central Bank will be announced in due course. |
The Capital Market Authority and Saudi 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.
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