Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) secured a SAR 1.64 billion sharia-compliant facility from Banque Saudi Fransi, according to a bourse disclosure.
The company will use the proceeds of the facility deal for invoice payables, project financing, and issuance of letters of credit and guarantee.
The financing agreement is secured by promissory notes with the amount of the total facilities limit.
MIS obtained the loan on 15 December 2024 and will be valid until 31 July 2025.
The Tadawul-listed firm recently inked a SAR 58.63 million contract with the Saudi Authority for Data and Artificial Intelligence (SDAIA) to foster the AI network project.
Meanwhile, the Saudi lender released its annual financial results for 2024, recording net profits amounting to SAR 4.54 billion, higher by 7.60% than SAR 4.22 billion in 2023.
