Logo of Axelerated Solutions for Information and Communication Technology Co. 
The Capital Market Authority (CMA) approved today, July 9, the request submitted by Axelerated Solutions for Information and Communication Technology Co. to increase its capital from SAR 28 million to SAR 56 million through a one-for-one bonus share issue.
In a statement, the authority said shareholders registered with the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date, which will be determined later by the company’s board of directors, will be entitled to the bonus shares.
The planned capital top-up will be financed by transferring SAR 28 million from retained earnings, raising the number of shares from 28 million to 56 million in total.
The company’s deciding extraordinary general meeting (EGM) shall be held within six months from this approval date, provided satisfying all regulatory requirements and applicable laws, the CMA said.
In May, the company’s board of directors 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
Logo of Axelerated Solutions for Information and Communication Technology Co.
The Capital Market Authority (CMA) approved today, July 9, the request submitted by Axelerated Solutions for Information and Communication Technology Co. to increase its capital from SAR 28 million to SAR 56 million through a one-for-one bonus share issue.
In a statement, the authority said shareholders registered with the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date, which will be determined later by the company’s board of directors, will be entitled to the bonus shares.
The planned capital top-up will be financed by transferring SAR 28 million from retained earnings, raising the number of shares from 28 million to 56 million in total.
The company’s deciding extraordinary general meeting (EGM) shall be held within six months from this approval date, provided satisfying all regulatory requirements and applicable laws, the CMA said.
In May, the company’s board of directors 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
