MIS to set up fully-owned medical, health equipment subsidiary

Al Moammar Information Systems logo

Al Moammar Information Systems Co.’s (MIS) board of directors approved today, Jan. 24, the establishment of a limited liability company with 100% ownership, according to a bourse filing.

The new subsidiary will operate in the field of medical and health equipment. It is also in the process of official registration in coordination with the authorities concerned.

MIS noted that the new company will be funded through self-financing.

This initiative is in line with and supported by the strategical transformation of the medical services and equipment sector globally and signifies a promising opportunity for extensive 40 years expertise in the field of information technology, the company said.

- New investment and development panel

In a separate statement, the company said its board of directors approved on Jan. 4, 2021, the formation of the investment and development committee. 

The new committee will consist of specialized experts from within the Kingdom and leading international countries in technology and digital fields. 

The committee's primary purpose is to assist the board of directors in developing and optimizing the investment of its assets, as well as strengthening the investment strategy and establishing guidelines for investment activities within the terms of the board's powers. 

The board of directors will elect the new committee members based on the nominations and reward committee by a majority of votes.  

The duration of the committee will be three years starting with the session of the company's board of directors, or on the date on which it is formed and concluding at the end of the board session or by a decision of the board to complete its work or integrate it into any other committee.