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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.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement by Al Moammar Information Systems Company (MIS) on 29/06/1445 AH corresponding to 11/01/2024 AD regarding the Board of Directors' decision to allocate an amount of 40 million riyals for the purpose of forming an investment portfolio through self-financing to invest in global companies in the field of artificial intelligence, in order to take advantage of growth opportunities in this promising field. The company would like to announce the latest developments, which consist of an investment of 1 million US dollars in an equity stake in X.AI Corp.This investment is part of XAI's Series B round at a pre-money valuation of 18 billion US dollars.It is noteworthy that xAI is a new company working on building artificial intelligence to accelerate human scientific discoveries. |
| 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. | 1,000,000$ USD |
| Delay consequences on the Company’s financial results | not applicable |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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