Announcement by Al Moammar Information Systems Company (MIS) regarding the latest developments related to its previous announcement about the Board of Directors’ approval to establish a wholly owned (100%) limited liability subsidiary.
| Element List | Explanation |
|---|---|
| Introduction | Referring to Al Moammar Information Systems Company’s (“MIS” or the “Company”) announcement published on the Saudi Exchange (Tadawul) website on 23/12/1444H corresponding to 11/07/2023, regarding the establishment of a wholly owned (100%) limited liability subsidiary based in Riyadh, specialized in the management, operation, and marketing of data centers.
Al Moammar Information Systems Company hereby announces the latest developments related to the establishment of the subsidiary specialized in the management, operation, and marketing of data centers — National Excellence Data Centers Company |
| Previous Announcement | Announcement by Al Moammar Information Systems Company (MIS) regarding the Board of Directors’ approval to establish a wholly owned (100%) limited liability subsidiary. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-07-11 Corresponding to 1444-12-23 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Board of Directors of Al Moammar Information Systems Company (“MIS” or the “Company”) approved in its session held on 15/04/1447H, corresponding to 07/10/2025 has approved the participation of Edarat Communication and Information Technology Company (“Edarat”) as a partner in National Excellence Data Centers Company, where the company’s activities will be limited to the management and operation of data center facilities. The ownership structure will be as follows:
Al Moammar Information Systems Company will retain a 60% ownership stake in National Excellence Data Centers Company.
Edarat Communication and Information Technology Company will hold a 40% ownership stake in National Excellence Data Centers Company.
The Board has also approved increasing the share capital of National Excellence Data Centers Company to SAR 1,000,000 (one million Saudi Riyals) as paid-up capital, and SAR 10,000,000 (ten million Saudi Riyals) as authorized capital.
All necessary procedures will be completed after obtaining the relevant regulatory approvals, which are expected to be finalized within one month. |
| Reasons For The Delay on The Date of The Event Previously Announced | not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Edarat Communication and Information Technology Company will pay its share of the capital increase, amounting to SAR 400,000, in cash, while Al Moammar Information Systems Company will cover its share of the capital increase, amounting to SAR 500,000, from its own resources.
The Company would like to note that this partnership will not affect Al Moammar Information Systems Company’s revenues or profits from the Data Center Facilities Management Project with the Data Center Fund (Sahaib). |
| Delay consequences on the Company’s financial results | not applicable |
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