AI Summary
solutions’ capital hike will be financed by capitalizing SAR 1.2 billion from retained earnings
Arabian Internet and Communications Services Co. (solutions) said its board on April 12 recommended a 100% capital hike through a one-for-one bonus share issue.
In a statement to Tadawul, the company said the increase would be funded by capitalizing SAR 1.2 billion from retained earnings.
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Capital Increase Details |
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Current Capital |
SAR 1.2 bln |
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No. of Shares |
120 mln |
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New Capital |
SAR 2.4 bln |
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New No. of Shares |
240 mln |
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Percentage of Increase |
100% |
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Method |
Capitalizing SAR 1.2 bln from retained earnings |
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Record Date |
Eligibility will be for shareholders of record and those registered with Edaa by the close of the second trading day following the extraordinary general meeting (EGM) date, to be announced later. |
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Reason |
To support the company’s growth and expansion strategy, while maximizing shareholder returns by expanding and diversifying its investments in solutions and capitalizing on expected growth opportunities in the IT sector in the Kingdom and the region. |
Any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price, with proceeds distributed to eligible shareholders on a pro rata basis within a maximum of 30 days.
The proposal remains subject to approvals from the relevant authorities and shareholders, the statement added.
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