MIS terminates deal to buy 75% stake in Egyptian consultancy

10/12/2020 Argaam

Al Moammar Information Systems Co. (MIS) terminated today, Dec. 10, an agreement it signed last March to acquire 75% stake in Egypt-based Fingerprint Consultancy.

 

The company said in a bourse filing that the deal was terminated by both parties with mutual consent, without any financial or legal liabilities on either party.

 

MIS cited logistical challenges encountered in the deal completion due to impact of COVID-19.

 

The company also said it expects no financial impact from the deal termination.

 

According to data compiled by Argaam, in March this year, MIS signed a share purchase agreement to acquire 75% stake in Egypt-based Fingerprint Consultancy.

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