AICTEC shareholders OK capital top-up via 28% bonus issue

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

Shareholders of Advance International Company for Communication and Information Technology (AICTEC) approved increasing capital by 28% from SAR 25 million to SAR 32 million through a bonus share distribution.

 

The approval took place during the extraordinary general meeting (EGM) held on June 21, according to a Tadawul filing.

 

Capital Increase Highlights

Current capital

SAR 25 mln

Number of shares

2.5 mln

Capital increase (%)

28%

Capital after increase

SAR 32 mln

Number of shares after increase

3.2 mln

Purpose of increase

To boost strategic growth plan, fulfill the company's future expansion needs, and ensure the strength of its financial solvency and financial position 

Method of increase

Capitalizing SAR 7 million from retained earnings

Record Date

Shareholders of record on the EGM date and who are registered with the Securities Depository Center (Edaa) at the end of the second trading date following the record date
 

Share fractions, if any, will be compiled into one portfolio and sold at the market price. The sale proceeds will be distributed among eligible shareholders pro rata within 30 days from the record date.

 

Shareholders also approved adding an article to the company’s Articles of Association No. 12 related to the company’s purchase, sale, and mortgage of its shares.

 

Fluctuation limits will be based on a share price of SAR 72.50 today, June 21, and the outstanding orders will be cancelled.  

 

Edaa will add the bonus shares to the shareholder portfolios before the start of trading on July 2. 

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