AICTEC spins off technical projects unit into LLC

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

Advance International Co. for Communication and Information Technology (AICTEC) converted its branch, Nabah Technology Co., into a 100% wholly owned single-member limited liability company (LLC).

This step comes as part of the company's plan to restructure its operational segments, primarily focusing on its core activities, according to a statement to Tadawul.

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The newly formed company will execute all technical project operations.

The change will not have any material financial impact on the company’s financial statements.

The procedure has been completed, and the LLC has received a commercial registration certificate.

Any future developments will be announced in due course.

According to data available with Argaam, the company approved, in May, a comprehensive strategic plan to restructure its technical and operational divisions to improve operational efficiency.

As part of the plan, AICTEC will spin off its projects and wholesale divisions into wholly owned subsidiaries.

In addition, the company will establish a wholly owned subsidiary for technical services, cybersecurity, and programming. Moreover, an investment unit will be set up to explore opportunities for strategic partnerships and future expansion.

Last month, AICTEC announced the spin-off of its wholesale business by converting its branch, Innovation Passage Technology Co., into a wholly owned LLC.