AICTEC gets CMA's nod on capital hike to SAR 25 mln via 25% bonus issue

16/06/2022 Argaam

Logo of AICTEC

The Capital Market Authority's (CMA) board approved today, June 16, an application from Advance International Company for Communication and Information Technology (AICTEC) to increase its capital to SAR 25 million from SAR 20 million, the market regulator said in a statement.

 

The company's board of directors approved on April 13, a capital hike to SAR 25 million from SAR 20 million by distributing one bonus share for every four shares held.

 

The capital increase will be carried out through capitalizing SAR 5 million from retained earnings.

 

The bonus distribution will be to shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the due date.

 

The company's extraordinary general assembly will be held within six months from CMA's approval date.

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