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Al Moammar Information Systems Co. Announces the latest developments on Al-Moammar information systems Company (MIS) announced the decision of its Board of Directors to approve the allocation of 40 million riyals for the purpose of forming an investment portfolio to invest in international companies in the field of artificial intelligence.
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Introduction | With reference to the announcement of Al-Moammar Information Systems Company (MIS) on 06/29/1445 corresponding to 01/11/2024 about the decision of its Board of Directors to approve the allocation of 40 million riyals for the purpose of forming an investment portfolio through self-financing to invest in international companies in the field of artificial intelligence in order to take advantage of growth opportunities in this promising field.
The company announces the latest developments in that it has invested $5 million in holding a stake in OpenAI, Inc. The investment was obtained through a private stock sale round of OpenAI employee shares tender offer, wherein the company's was valued at $86 billion. The deal was advised by Decisive Capital Management, Geneva, Switzerland.
OpenAI is the leading artificial intelligence company, globally recognized for its pioneering work in Large Language Models (LLMs) with ChatGPT, redefining the landscape of natural language understanding and innovation. With the backing of Microsoft, OpenAI remains at the forefront of achievements in AI. Any major pertinent developments will be disclosed in due course. |
Previous Announcement | Al-Moammar information systems Company (MIS) announced the decision of its Board of Directors to approve the allocation of 40 million riyals for the purpose of forming an investment portfolio to invest in international companies in the field of artificial intelligence. |
Date of Previous Announcement on Saudi Exchange’s Website | 2024-01-11 Corresponding to 1445-06-29 |
Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
Latest Developments Of The Announced Event | not applicable |
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. | not applicable |
Delay consequences on the Company’s financial results | not applicable |
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