Etihad Atheeb Telecom Co. "GO"

Etihad Atheeb Telecommunications Co. (Arabic: شركة اتحاد عذيب للاتصالات ) is the second fixed-line operator to acquire a license from the Communications and Information Technology Commission (Saudi Arabia) (CITC) to provide fixed services including voice and broadband services based in Saudi Arabia.

Etihad Atheeb Telecom Co. “GO” was established in 2008 as a Saudi joint stock company, the company’s major shareholders are Atheeb Trading Company (16.1%), Batelco (15.0%), Al-Nahla Trading Company (13.7%), and Traco Trading Ltd Co. (5.8%).

Other founding shareholders include Saudi Internet Ltd Co., Atheeb Ltd. Co. for Computer and Communication, and Atheeb Maintenance and Service.

Board of Directors

Management Team

On June 13, 2010, Etihad Atheeb Telecom board of Directors announced the appointment of Raed Kayyal as acting Chief Executive Officer on to replace former Chief Executive officer Ahmed Abbas Sindi.

Management Team as of June 13, 2010.

Etihad Atheeb Telecom was one of ten applicants to bid for a public Fixed Services License on March 10, 2007, The Board of Directors of the Communications and Information Technology Commission (CITC), chaired by His Excellency, Eng. Mohamed Jamil Mulla, Minister of Communications and Information Technology and Chairman of the CITC Board, approved the list of eligible applicants for Fixed Services Licenses on April 15, 2007, which included Etihad Atheeb Telecom and two other operators, following the license announcement, Etihad Atheeb Telecom acquired a 3.5 GHz frequency spectrum covering 13 regional divisions across Saudi Arabia valued at over five hundred Million Saudi Riyals ( $ 138 million).

On February 25, 2008, the Saudi Cabinet approved the establishment of Etihad Atheeb Telecom Co. as a Saudi joint stock company with an authorized capital of SAR 1 billion ($266 million), As part of the approval by the Saudi Cabinet, Etihad Atheeb Telecom would 25% of its shares in initial public offerings (IPO).

On January 2009, Etihad Atheeb Telecom Co. announced its initial public offering (IPO) of 30% of the company’s shares with a total value of Three Hundred Million Saudi Riyals, at a price of Ten Riyals per share. Etihad Atheeb Telecom IPO marked the first IPO in Saudi Arabia since all new offerings had been halted in August 2008 in the midst of unfavorable market conditions as a result of the global economic crisis.

The announcement was made during a press release chaired by His Royal Highness Prince Abdul Aziz bin Ahmed bin Abdul Aziz where he stated:

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