MIS board recommends setting authorized capital at SAR 500 mln

Logo of Al Moammar Information Systems Co. (MIS)

Al Moammar Information Systems Co.’s (MIS) board of directors, in a meeting held yesterday, April 30, recommended amending the company's articles of association in accordance with the new Companies Law, according to a statement to Tadawul.

The main amendments include cancelling the company's tenure, which was stipulated in the company's bylaws at 99 years, recommending that the authorized capital be set at SAR 500 million - for clarification, the issued paid-up capital is SAR 300 million.

They also include cancelling the statutory reserve item in the articles of association, with referral to the general assembly. This is by transferring the entire balance of the statutory reserve on the date of the assembly meeting to the retained earnings account.

The company noted that these recommendations are subject to the approval of the concerned authorities and the extraordinary general assembly.