Logo of Arabian Internet and Communications Services Co. (solutions)
The Capital Market Authority (CMA) grantedArabian Internet and Communications Services Co. (solutions) the approval to increase its capital from SAR 1.2 billion to SAR 2.4 billion. 
In a statement today, May 14, the authority said the proposed move will be carried out through the issuance of one bonus share for every one held.
Eligible shareholders are those registered with the Security Depository Center (Edaa) by the end of the second trading day after the record date, which will be determined later.
The planned capital hike will be financed by transferring SAR 1.2 billion from the retained earnings account, which will increase the number of shares from 120 million at present to 240 million.
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, said the regulator.
According to Argaam’s data, the company said its board on April 12 recommended a 100% capital hike through a one-for-one bonus share issue, by capitalizing SAR 1.2 billion from retained earnings.
Capital Increase Details
Current Capital
SAR 1.2 bln
No. of Shares
120 mln
New Capital
SAR 2.4 bln
New No. of Shares
240 mln
Percentage of Increase
100%
Method
Capitalizing SAR 1.2 bln from retained earnings
Record Date
Eligibility will be for shareholders of record and those registered with Edaa by the close of the second trading day following the extraordinary general meeting (EGM) date, to be announced later.
Reason
To support the company’s growth and expansion strategy, while maximizing shareholder returns by expanding and diversifying its investments in solutions and capitalizing on expected growth opportunities in the IT sector in the Kingdom and the region.
Logo of Arabian Internet and Communications Services Co. (solutions)
The Capital Market Authority (CMA) grantedArabian Internet and Communications Services Co. (solutions) the approval to increase its capital from SAR 1.2 billion to SAR 2.4 billion.
In a statement today, May 14, the authority said the proposed move will be carried out through the issuance of one bonus share for every one held.
Eligible shareholders are those registered with the Security Depository Center (Edaa) by the end of the second trading day after the record date, which will be determined later.
The planned capital hike will be financed by transferring SAR 1.2 billion from the retained earnings account, which will increase the number of shares from 120 million at present to 240 million.
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, said the regulator.
According to Argaam’s data, the company said its board on April 12 recommended a 100% capital hike through a one-for-one bonus share issue, by capitalizing SAR 1.2 billion from retained earnings.
Capital Increase Details
Current Capital
SAR 1.2 bln
No. of Shares
120 mln
New Capital
SAR 2.4 bln
New No. of Shares
240 mln
Percentage of Increase
100%
Method
Capitalizing SAR 1.2 bln from retained earnings
Record Date
Eligibility will be for shareholders of record and those registered with Edaa by the close of the second trading day following the extraordinary general meeting (EGM) date, to be announced later.
Reason
To support the company’s growth and expansion strategy, while maximizing shareholder returns by expanding and diversifying its investments in solutions and capitalizing on expected growth opportunities in the IT sector in the Kingdom and the region.
