AICTEC board proposes bonus issue to hike capital by 28%

09/04/2023 Argaam

AICTEC board proposes bonus issue to hike capital by 28%

AICTEC logo 

The board of Advance International Company for Communication and Information Technology (AICTEC) recommended today, April 9, increasing the company’s capital by 28% to SAR 32 million from SAR 25 million through a 28% bonus share distribution.

Capital Increase Highlights

Current capital

SAR 25 mln

Number of shares

2.5 mln

Increase percentage

28%

Capital after increase

SAR 32 mln

Number of shares after increase

3.2 mln

Objective

To enhance the company’s strategic growth, future expansions and aspirations, sand strengthen its financial solvency and balance sheet

Method of increase

Capitalizing SAR 7 mln from retained earnings

Record date

Shareholders registered with Edaa by the close of the second trading day after the record date
 

The bonus share distribution is subject to the approvals of the regulatory authorities and the company’s extraordinary general meeting (EGM), AICTEC said in a statement to Tadawul.
 

In a separate statement, the company added that the board approved a stock split to SAR 0.50 from SAR 10.
 

Accordingly, the share capital will reach 50 million instead of 2.5 million, the statement added.

 

Updates will be duly announced, AICTEC concluded.

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