AICTEC GA Oks increasing capital to SR32 mln by granting free ‎shares

Advanced International Co. for Communications and Information Technology announced to its shareholders the results of the extraordinary general assembly meeting, which was held on Tuesday, as it included items approving the Board of Directors’ recommendation regarding capital increase by granting bonus shares to shareholders as follows:

– Increasing the capital from 25 million to 32 million riyals, with an increase of 28%.

Increasing the number of shares from 2.5 million shares to 3.2 million shares.

– This increase will be covered by capitalizing 7 million riyals from the retained earnings account, provided that a free share is granted to each shareholder who owns 3.571428571 shares.

The company aims to increase the capital to enhance the strategic growth plan and the needs and aspirations of future expansions, and to emphasize its financial solvency and the strength of its financial position.