Logo of Al Moammar Information Systems Co. (MIS)
Al Moammar Information Systems Co. (MIS) signed today, June 7, 2021, a binding memorandum of understanding (MOU) with Saudi Fransi Capital (SFC) to establish a private investment fund to develop, own, and operate data centers across the Kingdom, according to a bourse filing.
Both parties expect the fund to have an initial size of around SAR 700 million. However, the long-term vision and strategy are to grow this venture to a potential size of up to SAR 3.5 billion, the company added.
Under the MoU, MIS will be the main developer of all the data centers that are affiliated to the planned fund. It will also be responsible for exclusively developing, operating, managing, and marketing these centers, and accordingly, it will in return receive an annual percentage of the revenues and returns of these centers.
The MoU is valid for 180 working days starting from the signing date.
It highlighted that the percentage of the company's ownership in the fund units will be 10% minimum.
The company noted that there are no related parties, adding that the related financial impact cannot be determined currently.
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