General Assembly approves 56M riyal capital increase

The Rapid Solutions Company for Communications and Information Technology has decided to double its capital by 100%, increasing it to 56 million riyals through the distribution of free shares to shareholders, representing an increase of 28 million riyals. The increase will be achieved by capitalizing retained earnings, granting one free share for every share owned, with the aim of strengthening the financial position and supporting expansion plans. Additionally, the general assembly approved the inclusion of provisions related to the buying and selling of shares and the employee stock program, while authorizing the board of directors to purchase up to one million shares to hold as treasury shares over a period of 18 months. The implementation is to be completed within a maximum of 18 months.

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