Logo of Axelerated Solutions for Information and Communication Technology Co.
Axelerated Solutions for Information and Communication Technology Co. said its board on May 7 recommended a 100% capital hike through a one-for-one bonus share issue. 
Capital Increase Details
Current Capital
SAR 28 mln
No. of Shares
28 mln
Percentage of Increase
100%
New Capital
SAR 56 mln
New No. of Shares
56 mln
Method
Capitalizing SAR 28 million from retained earnings
Reason
To boost the company’s financial solvency and support future plans
Record Date
Eligibility will be for shareholders of record and those registered with Edaa by the close of the second trading day following record date
Any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price, with proceeds distributed to eligible shareholders on a pro rata basis within a maximum of 30 days.
The proposal remains subject to approvals from the relevant authorities and shareholders, the statement added.
Logo of Axelerated Solutions for Information and Communication Technology Co.
Axelerated Solutions for Information and Communication Technology Co. said its board on May 7 recommended a 100% capital hike through a one-for-one bonus share issue.
Capital Increase Details
Current Capital
SAR 28 mln
No. of Shares
28 mln
Percentage of Increase
100%
New Capital
SAR 56 mln
New No. of Shares
56 mln
Method
Capitalizing SAR 28 million from retained earnings
Reason
To boost the company’s financial solvency and support future plans
Record Date
Eligibility will be for shareholders of record and those registered with Edaa by the close of the second trading day following record date
Any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price, with proceeds distributed to eligible shareholders on a pro rata basis within a maximum of 30 days.
The proposal remains subject to approvals from the relevant authorities and shareholders, the statement added.
