National Building sets up new IT firm, owns 43% of capital

National Building and Marketing Co. Logo

National Building and Marketing Co. (NBM) incorporated Flexible Shield Information Technology Co., a closed joint stock company, with SAR 500,000 capital, the company said in a bourse statement.

NBM owns 43% of the new company's share capital, while the US-based MLogica and India's Aptex Comtrade Private Co. own 40% and 17% of the IT firm, respectively.

The information technology and cyber security field has great potentials in the near future, and is considered one of the major targets of the Kingdom’s Vision 2030.

NBM expects to achieve a great breakthrough with the advanced resources the new company holds, which will reflect positively on shareholders.

In August 2020, NBM announced that it will establish three Riyadh-based, closed joint-stock companies, in line with the board’s decision dated Aug. 6, 2020, according to data compiled by Argaam.