Prism Informatics to purchase 51% stake in a Saudi company

Submitted by cdas on Sun, 09/05/2010 - 16:00

India-based software development and information technology consulting firm Prism Informatics Ltd. has announced that it will purchase the bulk stake in a Saudi Arabian firm called Al Suwaidi Holding for an unrevealed amount.

A financial website quotes a statement issued by the Indian tech firm saying that the two companies have signed an MoU for acquiring 51 per cent stake in Al Suwaidi Holding Company’s information technology arm Information Management Technologies (IMT) in Saudi Arabia.

Following the announcement, Prism Informatics’ shares increased by 1.99 per cent to close at an record high of INR 432.10 on the Bombay Stock Exchange (BSE).