AICTEC GA Discusses Recommendation to Increase Capital to SR25 mln by Granting Free Shares

Advance International Company for Communication and Information Technology (AICTEC) has invited its shareholders to attend the extraordinary general assembly meeting that included the capital increase (the first meeting), which will be held on 18.08.2022 through modern technology means.

Meeting Agenda:

1- Vote on the recommendation board of directors regarding the management of increasing the company’s capital by granting free shares accordance with the following:

a- Increasing the company’s capital from (SR20,000,000) Twenty million to (SR25,000,000) Twenty Five Million Saudi Riyals with a percentage increase in the capital (25%) and an increase in the number of shares from (2,000,000) two million shares to (2,500,000) two million five hundred thousand shares and this addition will be covered across from the capitalization of an amount of (SR5,000,000) Five million Saudi Riyal from the account of the remained profits, however, (1) one free share will be granted to each shareholder owns (4) shares and the reasons of increase, is to support the financial position to the company and the needs of the future expansions and its expectations.

In case of approval of the item, the date of the eligibility of the bonus shares to the shareholders of the company, the owners of shares, is the day of the holding ordinary general assembly, who are registered in the shareholders of the company with deposit center for securities (deposit center) at end of the second day of trading after the date of entitlement.

In case there are fractional shares, they shall be collected in one portfolio for all shareholders, and shall be sold by the price of the market, and their values shall be distributed to the eligible shareholders based to each share within a period not exceeding 30 days from the date of identification the shares due to all shareholders.

b- Amendment Article (7) of the company’s articles of association related to the capital

c- Amending Article (8) of the company’s articles of association related to subscribing to shares.

The registered shareholders in tadawulaty services, can vote remotely on the assembly’s items starting from on Monday 15/08/2022 till the end of the time of the assembly.

The eligibility for attendance registration and voting ends upon the convenience of the general assembly’s meeting. eligibility for voting on the meeting agenda ends upon the counting committee concludes counting the votes.