A preliminary ruling dismissing a lawsuit against “Al-Muammar” demanding compensation of 65.5 million riyals

Al-Moammar Information Systems Company “MIS” announced today, Thursday, the issuance of a preliminary court ruling, rejecting the lawsuit in the commercial case filed by Itisaq Ltd. against the company.

Al-Muammar Information Systems said, in a statement on Saudi Tadawul, that Itisaq Ltd. filed a lawsuit against it, claiming compensation in the amount of about 65.47 million riyals, including 15% value-added tax, in addition to an amount of 300,000 riyals for attorney’s fees, for consulting services. Technology for the final beneficiary, “according to the plaintiff company’s claim.”

She added that the basic initial value of the agreement signed between Al Moammar Information Systems Company and the plaintiff company is 367 thousand riyals, with an item for additional work in case the final beneficiary requests the activation of that item.

Al-Muammar stated that the preliminary ruling is subject to appeal before the Commercial Court, stressing that it will take all necessary legal measures to preserve its rights and the rights of its shareholders, including a request for compensation for material and moral damages incurred by the company.

And the “Saudi Tadawul” had announced the suspension of trading the shares of Al-Muammar Information Systems Company in the market, starting from 12:00 pm until 01:00 pm today, Thursday, at the company’s request, in preparation for announcing a fundamental event, noting that the period Order maintenance will begin at 12:30 p.m.