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.