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

Shareholders of Advance International Company for Communication and Information Technology (AICTEC) approved the board’s recommendation to increase the company’s capital from SAR 20 million to SAR 25 million through a 25% bonus issue (one-for-four shares), during the extraordinary general meeting (EGM) held on Aug. 18, according to a bourse filing.

 

Details of Capital Increase

Current capital

SAR 20 mln

Number of shares

2 mln

Increase percentage

25% (one share for every four shares held)

Capital after increase

SAR 25 mln

Number of shares after increase

2.5 mln

Objective

To support the company's financial position and future expansions

Method of increase

Capitalizing SAR 5 mln from retained earnings

Record date

Aug. 18 (Shareholders registered with Edaa by the close of the second trading day after the record date)
 

The fractional shares will be grouped in one portfolio for all shareholders, and sold at the market price, then the proceeds will be distributed pro rata within 30 days.

 

Meanwhile, the Saudi Exchange (Tadawul) announced that AICTEC daily trading fluctuation limit after its capital increase will be based on a share price of SAR 111.80 as of today, Aug. 21, and accordingly, the outstanding orders will be canceled.

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