Logo ofAl Moammar Information Systems Co. (MIS)
Al Moammar Information Systems Co.’s (MIS) board of directors approved, on Jan. 5, the company’s participation in the capital increase of Vision Bank from SAR 1.5 billion to SAR 3.0 billion. 
In a statement to Tadawul, MIS said that the amount it invested in the capital increase amounts to SAR 23.8 million, based on a pre-money valuation of SAR 3.2 billion prior to the capital increase.
According to the company, the capital increase shall only become effective upon obtaining the approval and endorsement of all relevant official and regulatory authorities. Accordingly, it is not currently possible to determine the precise financial impact or its effective date, as this is contingent upon the completion of the required approvals and regulatory requirements.
The company will announce any developments or updates in this regard in due course.
Vision Bank is a local digital bank established by a consortium of companies and investors led by Abdulrahman bin Saad Al-Rashed Co., with SAR 1.5 billion capital. Among investors in the bank is MIS, which contributed SAR 25 million to the bank’s capital, according to Argaam’s data.
In June, 2021, the Cabinet gave a nod to the Minister of Finance to issue the necessary licenses for Vision Bank to commence its banking operations in the Kingdom.
In September, the Saudi Central Bank (SAMA) announced its non-objection for Vision Bank to launch its digital banking operations in the Kingdom.
Logo ofAl Moammar Information Systems Co. (MIS)
Al Moammar Information Systems Co.’s (MIS) board of directors approved, on Jan. 5, the company’s participation in the capital increase of Vision Bank from SAR 1.5 billion to SAR 3.0 billion.
In a statement to Tadawul, MIS said that the amount it invested in the capital increase amounts to SAR 23.8 million, based on a pre-money valuation of SAR 3.2 billion prior to the capital increase.
According to the company, the capital increase shall only become effective upon obtaining the approval and endorsement of all relevant official and regulatory authorities. Accordingly, it is not currently possible to determine the precise financial impact or its effective date, as this is contingent upon the completion of the required approvals and regulatory requirements.
The company will announce any developments or updates in this regard in due course.
Vision Bank is a local digital bank established by a consortium of companies and investors led by Abdulrahman bin Saad Al-Rashed Co., with SAR 1.5 billion capital. Among investors in the bank is MIS, which contributed SAR 25 million to the bank’s capital, according to Argaam’s data.
In June, 2021, the Cabinet gave a nod to the Minister of Finance to issue the necessary licenses for Vision Bank to commence its banking operations in the Kingdom.
In September, the Saudi Central Bank (SAMA) announced its non-objection for Vision Bank to launch its digital banking operations in the Kingdom.
