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.
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Capital increase Details via Bonus Issue |
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Current capital |
SAR 20 mln |
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Number of shares |
2 mln |
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Capital hike (%) |
25% (one share for every four shares held) |
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Capital after increase |
SAR 25 mln |
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Number of shares after increase |
2.5 mln |
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Objective of capital hike |
Support the company’s financial position and future expansions |
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Method of increase |
Through capitalizing SAR 5 million from retained earnings |
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Record date |
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the due date.
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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.
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