Advance International Company for Communication and Information Technology Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares

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1444/09/18     09/04/2023 16:07:51

Element ListExplanation
Introduction Advance International for Communications and Information Technology announces the Board of Directors’ decision on 18 Ramadan 1444 AH corresponding to April 09, 2023 AD to approve the increase of the company’s capital by capitalizing part of the retained earnings by granting one share for every three shares
Date of Board Meeting 2023-04-09 Corresponding to 1444-09-18
Capital before increase 25000000
Capital after increase 32000000
Percentage of Capital increase 28 %
Number of shares before Capital increase 2500000
Number of shares after Capital increase 3200000
Reasons for the increase The company aims to increase the capital to enhance the strategic growth plan and the needs and aspirations of future expansions and to confirm its financial solvency and the strength of its financial position
Number of Shares Granted per Exiting Share one share will be granted to each shareholder who owns 3 shares
Nature and Value of Reserves Used in the Capitalization The increase will be by capitalizing (7,000,000) Seven million riyals from the retained earnings account
Eligibility Date Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date
Fractional Shares In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share within a period not exceeding 30 days from the date of determining the shares due to each shareholder
Approvals The grant is conditional on obtaining the approvals of the official authorities and the extraordinary general assembly on the increase in the capital and the number of shares granted.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price 3.6
Net Change 0.0 (0.0%)
Value Traded (Sar) 35,197.63
Volume Traded 9,567
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