MIS plans to buy back 300,000 treasury shares

Logo of Al Moammar Information Systems Co. (MIS)

Al Moammar Information Systems Co. (MIS) plans to repurchase 300,000 shares to be retained as treasury shares, following the board's approval today, Oct. 11. 

In a statement to Tadawul, the company noted that the share buyback will be financed from its own resources, adding that MIS currently holds zero treasury shares of the target shares. 

The 300,000 shares to be repurchased account for 1% of the company’s 30 million share capital that is valued at SAR 300 million. 

The repurchased shares will not have voting rights in general assembly meetings.  

MIS also noted that the share buyback is still subject to the extraordinary general meeting’s approval. This is in addition to the fulfillment of financial solvency requirements as per the Implementing Regulations of the Companies Law.  

The stock closed today at SAR 131.6. Accordingly, the current market capitalization of the 300,000 shares is worth nearly SAR 39.5 million.