Riyadh – Mubasher: The extraordinary general meeting (EGM) of Arabian Internet and Communications Services Company (solutions) approved the board’s recommendation to increase the capital by SAR 1.20 billion.
The group increased its capital from SAR 1.20 billion to SAR 2.40 billion. The number of shares will also double to 240 million from 120 million.
The transaction will be funded by capitalizing SAR 1.20 billion from retained earnings, with shareholders receiving one bonus share for every share held as of the eligibility date.
The move is aimed at supporting solutions’ growth and expansion strategy, diversifying its investments, and capitalizing on expected growth opportunities in the information technology sector in Saudi Arabia and the region.
In May, the Capital Market Authority (CMA) greenlighted the 100% capital hike.
