AICTEC inks MoU to acquire stake in Signmax for SAR 3M

Advance International Company for Communication and Information Technology (AICTEC) signed, on June 26, a memorandum of understanding (MoU) outlining its intention to acquire a 25% stake in Signmax Advertising Co. for SAR 3 million.

In a statement to Tadawul, the company said that the MoU is valid for three months from the signing date.

This strategic move aims to strengthen AICTEC’s presence in the advertising industry, as well as in the organization and preparation of exhibitions and conferences, and digital marketing services, the statement added.

Signmax is recognized as one of the leading companies in its sector, boasting international expertise and operating a specialized manufacturing facility dedicated to exhibition and conference production and organization. This sector is considered one of the most promising markets in Saudi Arabia and the wider Gulf region, the company noted.

There is no financial impact currently, and any subsequent material developments will be announced in due course, AICTEC further indicated.

It added that no related parties are included.