Qualified investors’ subscription to 400,000 shares of Advance International ends today

Logo of Advance International Company for Communication and Information Technology

The subscription period to 400,000 shares of Advance International Communications and Information Technology Co. (AICTEC) by qualified investors ends today, Dec. 16.

The price range for book-building process was set at SAR 95-110 per share.

The subscription period, which started on Dec. 12, lasted five days.

In November, the Capital Market Authority (CMA) approved the company’s request to offer 20% of its capital on the Nomu-Parallel Market. 

Advance International was established as a limited liability company in Riyadh on April 19, 2016, with a capital of SAR 100,000, divided into 100 in-kind stakes of equal value. In November 2020, the company's partners decided to increase the capital to SAR 20 million, divided into two million shares at a value of SAR 10 each, following which it was converted into a closed joint stock company.

The company's activities are represented in network extensions, installation and extension of computer and communications networks, wholesale and retail sale of security devices.

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