Saudi IT provider MIS gets shareholders’ approval for 20% capital raise

RIYADH: Saudi Al Moammar Information Systems Co. has received approval from its shareholders to increase capital by 20 percent through the issuance of bonus shares.

According to a bourse filing, MIS’ board had earlier recommended boosting capital from SR250 million ($67 million) to SR300 million “to enhance the company’s resources."

The information technology firm also noted that the capital plan comes in a bid to achieve high growth rates over the coming years.

Shareholders will be granted one bonus share for every five shares held by capitalizing SR50 million from reserves and retained earnings, according to the filing.