Riyadh – Mubasher: The Capital Market Authority (CMA) has greenlighted Advance International Company for Communication and Information Technology’s request to increase its capital through 500,000 bonus shares.

The company will issue one bonus share for every four owned shares, according to a recent bourse disclosure.

Advance International Communication will raise its capital to SAR 25 million from SAR 20 million by capitalising SAR 5 million from the retained earnings account.

Accordingly, the new capital will be distributed over 2.50 million shares, compared to 2 million shares prior to the hike.

Last April, the board of the Saudi listed firm granted its approval for the 25% capital raise to endorse the company's financial position and future plans.