Logo of Al Moammar Information Systems Co. (MIS)
Al Moammar Information Systems Co. sold 25% of its 40% stake in Edarat Communications and Information Technology Co. (10% of Edarat capital) for SAR 61.49 million, in order to meet the requirements of Edarat's transition from Nomu-Parallel Market to the main market, according to a statement to Tadawul.
This transaction resulted in capital gains of SAR 57.59 million.
This transaction represents 25% of MIS's ownership in Edarat, which will then become 30% of MIS's ownership in Edarat.
The related financial impact will reflect on MIS results in Q1 2024. There are no related parties involved in the sale, according to the company.
MIS also noted that it will announce any future related developments in due course.
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