Al Moammar says 50%-owned subsidiary prepares to go public

11/10/2020 Argaam

Al Moammar Information Systems Co. (MIS) said it received, on Oct.8, a notification from the board of directors of its 50%-owned subsidiary, Edarat Telecommunications and Information Technology, about taking necessary measures to list shares on Nomu-Parallel Market.

 

The relevant financial impact cannot be determined at present and will reflect after completing the evaluation, the company said in a bourse statement.

 

A company’s decision to go public is subject to the approval of the competent authorities in the Kingdom, including the Capital Market Authority (CMA), Saudi Stock Exchange (Tadawul) and The Ministry of Commerce and Investment (MCI), the statement added.

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