Saudi Advanced Industries Co. — Capital/Financing Update 2021

Dec 22, 2021

Saudi Advanced Industries Company (SAIC) Announces the allocation of an amount of (5 million Riyals) and participation in a Number of Venture Investment Funds

2120 · 22/12/2021 15:27:15 · Announcement #66047 · View on Saudi Exchange

Saudi Advanced Industries Company (SAIC) Announces the allocation of an amount of (5 million Riyals) and participation in a Number of Venture Investment Funds

Element List	Explanation
Announcement Detail	Saudi Advanced Industries Company (SAIC) announces the approval of the Board of Directors to allocate an amount of 5 million riyals which represents 1% of the company's capital as a first stage, in order to participate in a number of funds (compliant with Islamic Sharia) for investment with venture investment funds.

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These funds target start-up companies with a technological background that contributes to the growth of the digital economy. These funds also target promising technological opportunities and investing in capital at an early stage in technological start-ups. Which is expected to have a positive impact on the return on the company's capital investments. Note that this investment is compatible with one of the targeted sectors approved by the Board of Directors.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.