MIS gets CMA's nod on capital increase via bonus issue

Logo of Al Moammar Information System Co. (MIS)

Al Moammar Information Systems Co. (MIS) obtained the approval of the Capital Market Authority (CMA) to increase its capital from SAR 250 million to SAR 300 million through a one-for-five bonus share distribution, according to the CMA website.

Shareholders of record at the end of the second trading day after the record date, to be determined later, will be eligible for the distribution.

The issue will be financed by transferring SAR 5.65 million from reserve account and SAR 44.35 million from retained earnings.

The number of shares will be increased from 25 million to 30 million.

The extraordinary general meeting (EGM) shall be held within six months from the approval date and the company shall satisfy all regulatory requirements and applicable laws.​​

In January, the board recommended a 20% capital increase to SAR 300 million, from SAR 250 million, through issuing bonus share for every five shares held, according to data compiled by Argaam.