Riyadh - Mubasher: The board member of Arabian Internet and Communications Services Company (solutions) recommended increasing the capital to SAR 2.40 billion from SAR 1.20 billion.
The group will capitalize SAR 1.20 billion from its retained earnings account, according to a bourse disclosure.
Each shareholder will receive one bonus share for every share they own.
Meanwhile, the number of shares will increase to 240 million from 120 million.
The 100% capital hike will support the company’s growth and expansion strategy, maximizing its shareholders’ returns by boosting and diversifying investment solutions and seizing expected growth opportunities in the IT sector.
Last February, solutions inked a SAR 519.65 million deal with the National Water Company (NWC) to provide IT managed services.
