AICTEC board changes stock split proposal to reflect capital hike

Logo of Advance International Company for Communication and Information Technology (AICTEC)

The board of Advance International Company for Communication and Information Technology (AICTEC) decided today, July 6, to amend its recommendation for reducing the stock par value to reflect change in capital and number of shares. Thus, the new proposal will be as follows:

The company also stressed its commitment to complete the necessary related procedures and will submit the proposal to the extraordinary general assembly for voting, after completing the relevant requirements.

Any updates will be announced duly, AICTEC noted.

The company's board recommended, on April 9, increasing capital to SAR 32 million from SAR 25 million through a 28% bonus share distribution, according to Argaam's data.

The board also proposed a stock split to SAR 0.50 from SAR 10. Accordingly, the share capital will reach 50 million instead of 2.5 million.