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Advance International Company for Communication and Information Technology Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
9524
AICTEC
1.20
%
1444/09/18 09/04/2023 16:07:51
| Element List | Explanation |
|---|---|
| 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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