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Advance International Company for Communication and Information Technology Announces an update on Announcement by Advance International for Telecommunications and Information Technology (AICTEC) on signing a Memorandum of Understanding with ZKTeco (China) to establish a joint factory in the Kingdom of Saudi Arabia.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Advance International for Telecommunications and Information Technology (AICTEC) published on 06/11/1446H corresponding to 04/05/2025G regarding the signing of a Memorandum of Understanding with ZKTeco (China) to establish a joint factory in the Kingdom of Saudi Arabia, the Company is pleased to announce the completion of the establishment of the new company under the name “Noor Technology Company”, through the issuance of the investment license, notarization of the Articles of Association, and issuance of the Commercial Registration with the Unified Number (7051187396) and a capital of SAR 5,625,000 (Five million six hundred and twenty-five thousand Saudi Riyals), in which ZKTeco owns a 60% stake, while AICTEC owns a 40% stake of the company’s capital. This establishment comes as part of the implementation of the signed Memorandum of Understanding, whereby the new entity will move forward towards setting up the joint factory specializing in the manufacturing of security inspection gates, vehicle and pedestrian access control gates, and modern technology systems to serve the Saudi market and the Middle East markets. The establishment of “Noor Technology Company” is expected to accelerate the implementation phases of the project, in line with the objectives of the Kingdom’s Vision 2030, by supporting the localization of security and technology industries, enhancing local content, creating quality job opportunities, and strengthening technological and manufacturing capabilities within the Kingdom of Saudi Arabia. |
| Previous Announcement | Announcement by Advance International for Telecommunications and Information Technology (AICTEC) on signing a Memorandum of Understanding with ZKTeco (China) to establish a joint factory in the Kingdom of Saudi Arabia. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-05-04 Corresponding to 1446-11-06 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The establishment of the new company under the name “Noor Technology Company” has been completed through the issuance of the investment license, notarization of the Articles of Association, and issuance of the Commercial Registration with the Unified Number (7051187396), with a capital of SAR 5,625,000 (Five million six hundred and twenty-five thousand Saudi Riyals), of which ZKTeco owns a 60% stake, while AICTEC owns a 40% stake of the company’s capital. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no change in the previously stated cost. |
| Additional Information | It is worth mentioning that ZKTeco Co., Ltd. (ZKTeco) is a global leader in biometric solutions and AI-powered spatial intelligence technologies. Specializing in biometric authentication and smart access management, ZKTeco is redefining human–machine interaction and driving digital transformation. |
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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