2 days ago
AICTEC spins off wholesale unit as standalone LLC
Advance International Company for Communication and Information Technology (AICTEC) has completed 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), the company said in a statement to Tadawul.
The newly established entity will take over all operations and activities related to the wholesale segment, the statement added.
The move is part of AICTEC's strategy to restructure its operational segments and sharpen its focus on core business activities.
The company noted that the transaction will not have a material impact on its financial statements.
It also confirmed that the process has been finalized and commercial registration issued for the new LLC.
