MIS OKs acquiring 15% of Eltizam insurance for SAR 19.5M

Al Moammar Information Systems Co. plans to acquire Eltizam platform, advancing its push into Saudi Arabia’s growing insurance market

The board of directors of Al Moammar Information Systems Co. (MIS) approved, on Oct. 28, the acquisition of a 15% stake in Eltizam car insurance platform in Saudi Arabia.

The acquisition will be at a total platform valuation of SAR 130 million, representing an investment value of SAR 19.5 million, according to a statement to Tadawul.

This decision aligns with the company’s strategic objectives and growth vision, with an aim to expand and diversify its business portfolio through selective investments and strategic partnerships in the insurance sector.

MIS added that the transaction remains subject to legal and financial due diligence procedures, as well as obtaining all necessary regulatory approvals. The company will disclose any material developments related to this transaction in due course.