Aamal begins talks to acquire IIS

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Yesterday, Aamal Company, one of the most prominent and largest business groups with diversified activities and the fastest growing in the region, announced that its wholly-owned subsidiary, Aamal Trading and Distribution, intends to start negotiations with Integrated Information Systems (IIS) to acquire it, which is owned by Al-Faisal Holding Company by 49% and Company Global consulting by 51%.
In line with Aamal Company’s keenness to apply the best disclosure standards, the Chairman of the Board of Directors of Aamal Company indirectly owns 55.7%. The expected value of the acquisition amounts to 500,000 riyals, and it is expected to be completed by the indirect acquisition method, as the company that intends to acquire is a wholly owned subsidiary of Aamal Company.
IIS is a leading company that provides a wide range of IT solutions and services to companies in various sectors, including commerce, services, industrial production, financial services, health and insurance, transportation and communications. This acquisition will enhance the revenue streams of Aamal Company, as (IIS) is the main provider of information technology and systems services to Aamal Company, and in the event of the acquisition, the Information Systems Company will become a subsidiary of Aamal through Aamal Trading and Distribution Company, which will allow it The opportunity to benefit from services and solutions in a more feasible way, in addition to expanding its field of business by winning new contracts with other institutions and companies in the local market. Mr. Rashid bin Ali Al Mansouri, CEO of Aamal Company, said, “We at Aamal are keen to constantly develop our activities, and the information technology sector is one of the areas in which we are interested in expanding in line with our future vision and our constant aspiration to growth and development.
He added, “We believe that this opportunity is good and constitutes an important addition to the investment portfolio of Aamal Company, and we look forward to achieving the desired goals, which will reflect positively on the company’s performance.”

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