Advance International Communications and Technology (AICTEC) announces the conversion of one of its branches into an independent limited liability company (a subsidiary) under the name Innovation Passage Technology Company, as part of the process of separating the wholesale business sector. | premargin

Advance International Communications and Technology (AICTEC) announces the conversion of one of its branches into an independent limited liability company (a subsidiary) under the name Innovation Passage Technology Company, as part of the process of separating the wholesale business sector.

TadawulJune 19, 2025View on exchange

Element List	Explanation
Announcement Detail	Advance International Communications and Technology (AICTEC) announces the completion of the procedures to spin off its wholesale business sector. This has been achieved by converting the company's branch, registered under the name (Innovation Passage Technology Company), into a single-member limited liability company (LLC) that is 100% wholly owned by AICTEC. The new entity will assume full responsibility for all operations and activities of the wholesale sector. This step aligns with the company's strategic plans to restructure its operational sectors and enhance its focus on core business activities. There will be no material financial impact on the company’s financial statements as a result of this event. It is also noted that the procedure has been finalized, and the commercial registration has been issued for the newly established independent LLC. The company will announce any future developments in due course.

Element List

Explanation

Announcement Detail

Advance International Communications and Technology (AICTEC) announces the completion of the procedures to spin off its wholesale business sector. This has been achieved by converting the company's branch, registered under the name (Innovation Passage Technology Company), into a single-member limited liability company (LLC) that is 100% wholly owned by AICTEC.

The new entity will assume full responsibility for all operations and activities of the wholesale sector.

This step aligns with the company's strategic plans to restructure its operational sectors and enhance its focus on core business activities.

There will be no material financial impact on the company’s financial statements as a result of this event.

It is also noted that the procedure has been finalized, and the commercial registration has been issued for the newly established independent LLC.

The company will announce any future developments in due course.