Accelerated Solutions approves doubling capital to $15 million

Listen to the article. The audio text is automated, generated by an automated system

At its meeting on October 13, the Extraordinary General Assembly of Accelerated Solutions for Communications and Information Technology approved the Board of Directors’ recommendation to increase the company’s capital from $7.5 million (28 million riyals) to about $15 million (56 million riyals), an increase of 100%, by granting free shares to shareholders.

The company said in a statement on Tadawul Saudi Arabia on Wednesday that the recommended capital increase amounts to $7.5 million (28 million riyals) and will be fully financed through the capitalization of retained earnings, by granting one free share for every share owned.

The number of company shares will increase from 28 million shares to 56 million shares.

The company aims to increase its capital to strengthen its financial position and support its future plans for expansion and growth.

The eligibility for the bonus shares will be for the shareholders who own the shares on the day of the extraordinary general assembly, and who are registered in the company’s shareholder register with the Securities Depository Center Company at the end of the second trading day following the entitlement date.

The company's extraordinary general assembly approved the stock program allocated to the company's employees, authorizing the Board of Directors to determine the terms of this program and adding an article to the company's bylaws related to the company's purchase, sale, or mortgage of its shares.

The shareholders agreed for the company to purchase its shares, up to a maximum of one million shares out of its 28 million shares, and keep them as treasury shares, for the purpose of allocating them to its employees within the employee stock program, provided that the purchase process is financed from the company’s own resources and the Board of Directors is authorized to complete the purchase process within a maximum period (18 months) from the date of the extraordinary general assembly’s decision.

She indicated that if the purchase of shares is approved, the purchased shares will be kept for a period not exceeding 5 years from the date of the extraordinary general assembly’s approval as a maximum until they are allocated to eligible employees. After the expiry of this period, the company will follow the procedures and controls stipulated in the relevant rules and regulations.