Arab Sea Information Systems Company announces the approval of its Board of Directors by circulation to raise the capital of one of its subsidiaries

Media Center June 5, 2023

Element List	Explanation
Announcement Detail	Arab Sea Information Systems Company announces the approval of its board of directors by circulation on the request of one of its subsidiaries, (Arab Sea Financial Company), to raise the company’s capital from (5,000,000) Saudi Riyals to (15,000,000) Saudi Riyals by capitalizing the incorporation expenses and covering the remainder of the capital from Arab Sea Information Systems company resources to support its financial position. This step comes in view of the company’s strategic direction to start the activity of E- payments, as the subsidiary company has completed all the requirements for establishing and obtaining the final license from the Central Bank of Saudi Arabia. The financial impact will be announced later.

Element List

Explanation

Announcement Detail

Arab Sea Information Systems Company announces the approval of its board of directors by circulation on the request of one of its subsidiaries, (Arab Sea Financial Company), to raise the company’s capital from (5,000,000) Saudi Riyals to (15,000,000) Saudi Riyals by capitalizing the incorporation expenses and covering the remainder of the capital from Arab Sea Information Systems company resources to support its financial position.

This step comes in view of the company’s strategic direction to start the activity of E- payments, as the subsidiary company has completed all the requirements for establishing and obtaining the final license from the Central Bank of Saudi Arabia.

The financial impact will be announced later.