AICTEC board recommends capital hike to SAR 25 mln via 25% bonus issue

Logo of Advance International Company for Communication and Information Technology’s (AICTEC)

Advance International Company for Communication and Information Technology’s (AICTEC) board of directors recommended, on April 13, a capital hike to SAR 25 million from SAR 20 million by distributing one bonus share for every four shares held, according to a bourse filing.

In the case of fractional bonus shares, these shares will be collected into one investment portfolio and sold at a market price within 30 days on a pro-rata basis from the date of determining the allocation of new shares for each shareholder, the company noted.

The capital increase and the bonus share distribution are subject to the competent authorities’ approval and the company’s extraordinary general meeting (EGM).

AICTEC started trading on the Nomu – Parallel Market on Jan. 6, 2022, Argaam reported.