AICTEC shareholders approve par value reduction to SAR 0.5

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 reduce the stock par value from SAR 10 to SAR 0.5, during the extraordinary general meeting (EGM) held on Sept. 25.

The number of company shares post the par value reduction will be 64 million.

The stock split will apply to shareholders of record and those registered with Edaa on the second trading day following the EGM date.

 The stock split will apply to the share price as of the business day following the EGM, and the number of shares will be adjusted in shareholder portfolios on the second trading day following the EGM date.

In a separate statement, the Saudi Exchange (Tadawul) indicated that fluctuation limits were based today, Sept. 26, on the stock price of SAR 3.75 a share.  

Edaa will add the stock split securities in shareholder accounts before start of trading on Sept. 28.