Logo ofdvance International Company for Communication and Information Technology (AICTEC)
Advance International Co. for Communication and Information Technology (AICTEC) completed procedures for the spin-off of its technical projects execution arm by converting its branch, Nabah Technology Co., into a single-member limited liability company (LLC), wholly owned 100% by AICTEC. 
This step comes as part of the company’s plans to restructure its operational segments, aiming to enhance focus on its core activities, according to a statement to Tadawul.
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The newly formed company will be responsible for executing all technical project operations.
This event does not have any material financial impact on the financial statements.
The procedure has been completed, and a commercial registration certificate has been issued for the newly formed single-member LLC, the statement added.
The company will announce any future developments in due course.
According to data available on Argaam, the company approved, in May, a comprehensive strategic plan to restructure its technical and operational divisions.
The move is part of AICTEC’s efforts to improve operational efficiency and deepen specialization in technical and operational services.
As part of the plan, AICTEC would spin off its projects segment into a wholly owned subsidiary and also separate its wholesale segment into another wholly owned subsidiary.
In addition, AICTEC said it would establish a new unit dedicated to technical services, cybersecurity, and programming, which will also be a wholly owned entity. The company further plans to develop an investment arm to explore opportunities for strategic partnerships and future expansion.
Last month, AICTEC announced the spin-off of its wholesale business by converting its branch, Innovation Passage Technology Co., into a wholly owned, single-member limited liability company (LLC).
Logo ofdvance International Company for Communication and Information Technology (AICTEC)
Advance International Co. for Communication and Information Technology (AICTEC) completed procedures for the spin-off of its technical projects execution arm by converting its branch, Nabah Technology Co., into a single-member limited liability company (LLC), wholly owned 100% by AICTEC.
This step comes as part of the company’s plans to restructure its operational segments, aiming to enhance focus on its core activities, according to a statement to Tadawul.
For more news on listed companies
The newly formed company will be responsible for executing all technical project operations.
This event does not have any material financial impact on the financial statements.
The procedure has been completed, and a commercial registration certificate has been issued for the newly formed single-member LLC, the statement added.
The company will announce any future developments in due course.
According to data available on Argaam, the company approved, in May, a comprehensive strategic plan to restructure its technical and operational divisions.
The move is part of AICTEC’s efforts to improve operational efficiency and deepen specialization in technical and operational services.
As part of the plan, AICTEC would spin off its projects segment into a wholly owned subsidiary and also separate its wholesale segment into another wholly owned subsidiary.
In addition, AICTEC said it would establish a new unit dedicated to technical services, cybersecurity, and programming, which will also be a wholly owned entity. The company further plans to develop an investment arm to explore opportunities for strategic partnerships and future expansion.
Last month, AICTEC announced the spin-off of its wholesale business by converting its branch, Innovation Passage Technology Co., into a wholly owned, single-member limited liability company (LLC).
