Axelerated Solutions to discuss doubling capital at upcoming EGM

AXELERATED SOLUTIONS
9637 -0.35% 22.53 -0.08

Riyadh — Mubasher: Axelerated Solutions for Information and Communication Technology Company invited its shareholders to an Extraordinary General Assembly meeting (EGM) scheduled for 13 October 2026, according to a bourse filing.

The assembly aims to approve a capital increase of SAR 28 million. The board of directors has proposed doubling the company’s share capital to SAR 56 million to strengthen its financial position and support future expansion plans.

The increase will be executed through the issuance of one bonus share for every existing share held by shareholders.

This 100% expansion will be funded by capitalizing SAR 28 million from the company’s retained earnings.

Following the issuance, the total number of shares will increase from 28 million to 56 million.

In addition to the capital hike, the assembly will vote on a proposal to buy back up to 1 million shares to be held as treasury shares for an employee stock program.

The buyback, funded by internal resources, must be completed within 18 months of approval.

Meanwhile, the meeting will be held virtually at 18:30, requiring a 50% quorum of voting shares to proceed. Eligibility for the bonus shares will be determined by the register at the close of the second trading day following the assembly date.

Source: Mubasher Source: {{details.article.source}}