Saudi: MIS unveils new subsidiary, project award, dividends for H1-23

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Riyadh – Al Moammar Information Systems Company (MIS) obtained the board’s approval to establish a fully-owned subsidiary in Riyadh.

The unit will specialise in managing, operating, and marketing data centres, according to a bourse disclosure.

MIS pointed out that this step aligns with its expansion strategy to widen its operations in the data centre market.

Project Award

In a separate bourse filing, the Saudi firm announced a SAR 36.79 million contract award with Prince Sattam bin Abdulaziz University. The company will offer managed services for systems’ operation and maintenance, devices and computer programmes, as well as networks at the university.

The awarding and signing dates for the 36-month agreement were 6 June and 10 July 2023, respectively.

MIS indicated that the project award will reflect on its income statements during the period from the third quarter (Q3) of 2023 to 2026.

Dividends for H1-23

The board members of MIS decided to pay cash dividends amounting to SAR 45 million for the first half (H1) of 2023.

The company will grant SAR 1.50 per share, equivalent to 15% of the nominal share value, for 30 million eligible shares.

Eligibility and distribution dates for the dividends will be 27 July and 9 August 2023, respectively.

Last June, MIS penned two deals at an aggregated value of SAR 119.12 million.