solutions’ capital hike will be financed by capitalizing SAR 1.2 billion from retained earnings
Arabian Internet and Communications Services Co.’s (solutions)board recommended, on April 12, a 100% capital hike through a one-for-one bonus issue. 
The capital increase will be financed by capitalizing SAR 1.2 billion from retained earnings, the company said in a statement toTadawul.
Capital Increase Details
Current Capital
SAR 1.2 bln
No. of Shares
120 mln
New Capital
SAR 2.4 bln
No. of New Shares
240 mln
Percentage of Increase
100%
Method
Capitalizing SAR 1.2 bln from retained earnings
Record Date
Shareholders of record and those registered with Edaa by the close of the second trading day following the EGM date, which will be determined later
Reason
To support the company in achieving its growth and expansion strategy along with maximizing its shareholders’ return through increasing and diversifying solutions investments and seizing the expected growth opportunities in the IT sector in the Kingdom and the region.
Fractional shares, if any, will be compiled into a single portfolio for all shareholders and offered at market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.
The decision is conditional on approvals from competent authorities and shareholders, the statement added.
solutions’ capital hike will be financed by capitalizing SAR 1.2 billion from retained earnings
Arabian Internet and Communications Services Co.’s (solutions)board recommended, on April 12, a 100% capital hike through a one-for-one bonus issue.
The capital increase will be financed by capitalizing SAR 1.2 billion from retained earnings, the company said in a statement toTadawul.
Capital Increase Details
Current Capital
SAR 1.2 bln
No. of Shares
120 mln
New Capital
SAR 2.4 bln
No. of New Shares
240 mln
Percentage of Increase
100%
Method
Capitalizing SAR 1.2 bln from retained earnings
Record Date
Shareholders of record and those registered with Edaa by the close of the second trading day following the EGM date, which will be determined later
Reason
To support the company in achieving its growth and expansion strategy along with maximizing its shareholders’ return through increasing and diversifying solutions investments and seizing the expected growth opportunities in the IT sector in the Kingdom and the region.
Fractional shares, if any, will be compiled into a single portfolio for all shareholders and offered at market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.
The decision is conditional on approvals from competent authorities and shareholders, the statement added.
