AICTEC converts branch into LLC to carry out all technical projects
This step comes as part of the company's plans to restructure its operational segments, aiming to enhance focus on its core activities, according to a statement to Tadawul.
The newly formed company will be responsible for executing all technical project operations.
This event does not have any material financial impact on the financial statements.
The procedure has been completed, and a commercial registration certificate has been issued for the newly formed single-member LLC, the statement added.
The company will announce any future developments in due course.
According to data available on Argaam, the company approved, in May, a comprehensive strategic plan to restructure its technical and operational divisions.
The move is part of AICTEC's efforts to improve operational efficiency and deepen specialization in technical and operational services.
As part of the plan, AICTEC would spin off its projects segment into a wholly owned subsidiary and also separate its wholesale segment into another wholly owned subsidiary.
In addition, AICTEC said it would establish a new unit dedicated to technical services, cybersecurity, and programming, which will also be a wholly owned entity. The company further plans to develop an investment arm to explore opportunities for strategic partnerships and future expansion.
Last month, AICTEC announced the spin-off of its wholesale business by converting its branch, Innovation Passage Technology Co., into a wholly owned, single-member limited liability company (LLC).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
an hour ago
- Saudi Gazette
Conciliation Center issues 73,000 agreements in H1 2025
RIYADH — The Saudi Ministry of Justice's Conciliation Center issued 73,000 conciliation agreements during the first half of 2025, reinforcing the Kingdom's efforts to promote amicable dispute resolution and reduce the burden on courts. The Center facilitated more than 544,000 conciliation sessions, benefiting over 733,000 individuals. These milestones underscore the growing reliance on alternative dispute resolution mechanisms within the justice system. Central to the initiative is the Taradhi platform ( which offers remote conciliation services, enabling parties to settle disputes efficiently without the need for in-person attendance. The platform is supported by qualified conciliators with expertise in various legal and commercial domains, and all operations adhere to institutional procedures and approved regulations. Conciliation agreements concluded through Taradhi are legally binding and directly enforceable through the enforcement courts if either party fails to comply. The progress achieved by the Conciliation Center is aligned with the Kingdom's Vision 2030 and falls under the Conciliation System Activation Initiative, part of the National Transformation Program. The initiative aims to embed conciliation as a primary method for resolving disputes across Saudi society. — SG
Argaam
an hour ago
- Argaam
9,991 operating plants in Saudi Arabia by Q4 2024; investments cross SAR 966B
Saudi Arabia had 9,991 factories in operation by the end of Q4 2024, employing around 980,000 workers and attracting more than SAR 966 billion in total investments, according to the Ministry of Industry and Mineral Resources' (MIM) annual report. The factories comprised domestic, foreign, and joint ventures, with joint ventures dominating at 94% of total investments, equivalent to SAR 956.6 billion in capital, according to the breakdown provided in the table below.
Argaam
an hour ago
- Argaam
Nama Chemicals accumulated losses reach 47.62% of capital
Nama Chemicals Co. 's accumulated losses reached 47.62% of its SAR 235.2 million capital, based on the unaudited financial results for the period ending June 30, 2025, which were closed on July 9. In a statement to Tadawul, the company said accumulated losses amounted to SAR 111.99 million as of June 30, 2025. These losses were attributed to the delayed arrival of raw materials and limited working capital financing sources, which weighed on operational efficiency. This is in addition to the temporary production halt at the company's factories for scheduled periodic maintenance in April 2025. However, production gradually resumed these plants, Nama Chemicals said, adding that this is expected to positively impact its operational performance and financial results during the second half of this year. The company will continue to work to improve production efficiency and reduce costs through the approved corrective measures, which are poised to help uplift revenues and trim expenses to achieve its goals. Nama Chemicals also indicated that the executive management and board of directors are also working to find the best opportunities and solutions to reduce its accumulated losses and financial burdens. Procedures and instructions applicable on Tadawul-listed companies whose accumulated losses reached 20% or more of capital will apply. Nama Chemicals appointed a certified appraiser from the Saudi Authority for Accredited Valuers in the machinery and equipment branch to assess the assets of its subsidiary, Jubail Chemical Industries Co. (JANA). The appraisal concluded that the fair value of JANA's assets exceeds their book value. The company is currently reviewing the report's outputs, and based on this, it will announce any developments, it added. According to data available on Argaam, Nama Chemicals announced the scheduled shutdown of its epoxy plant and the JANA project plant as of April 14. Operations at the two plants resumed on May 8 after maintenance completion.
