| Element List | Explanation |
|---|---|
| Announcement Detail | Etihad Atheeb Telecommunication Co "GO Telecom" is pleased to announce that its subsidiary, Hulool Al-Intilaq Finance, has received initial approval from the Saudi Central Bank on March 11, 2025 (corresponding to 11/09/1446 AH) to engage in micro-consumer financing in the Kingdom of Saudi Arabia, with a capital of SAR 20 million. This approval is granted in accordance with the applicable laws and regulations governing financial activities in the Kingdom. |
The company is currently in the process of completing all necessary regulatory procedures to establish Hulool Al-Intilaq Finance in compliance with the Companies Law under the Ministry of Commerce and Investment. Additionally, the company must fulfill all licensing requirements set by the Saudi Central Bank within six months from the date of initial approval to secure the final license to operate in the micro-consumer financing sector.
Following the successful acquisition of the final license and the commencement of operations, Hulool Al-Intilaq Finance aims to provide a comprehensive suite of innovative micro-financing solutions. This initiative aligns with Etihad Atheeb Telecommunication Co "GO Telecom’s strategic vision of enhancing digital financial services, empowering customers with flexible and seamless financing options, and contributing to the advancement of financial inclusion in the Kingdom.
The establishment of Hulool Al-Intilaq Finance is a key milestone in Etihad Atheeb Telecommunication Co "GO Telecom’s growth strategy, aimed at diversifying revenue streams and enhancing long-term business sustainability. By offering cutting-edge financial services, the company seeks to drive digital transformation, meet evolving market demands, and unlock new opportunities that generate sustainable value for shareholders and stakeholders alike.
Any future updates regarding the final licensing of Hulool Al-Intilaq Finance 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.