Logo of Al Moammar Information Systems
Al Moammar Information Systems Co.’s (MIS) shareholders approved the board of directors’ recommendation to increase capital by 25% to SAR 250 million from SAR 200 million, during the extraordinary general assembly (EGM) meeting held on April 11, 2021.
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Details of Capital Increase |
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Current capital |
SAR 200 mln |
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Number of shares |
20 mln |
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Hike (%) |
25% (1 share for every 4 shares held) |
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New capital |
SAR 250 mln |
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New shares |
25 mln shares |
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Record date |
April 11, 2021 |
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Objective |
To boost the company's capital to cope with future expansions and goals. |
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Method |
Capitalizing SAR 50 million from retained earnings and statutory reserve |
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Shareholders also approved amending Article 7 of the Articles of Association related to capital, along with approving the amendment of Article 8 related to subscription.
They also approved the dividend policy, and ratified the amendment of Article 3 related to the company's objectives.
Meanwhile, Saudi Tadawul Group announced that the fluctuation limits for MIS will be based on a share price of SAR 116.80, starting today, April 12, and outstanding orders will be cancelled.
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Wednesday, April 14.
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