Arabian Internet and Communications Services Co. “Solutions” (7202), has signed a contract with Saudi telecommunications giant “STC” (7010) worth approximately SAR 310 million (USD 82.5 million).
This contract is for the creation and development of internet and communication networks for STC.
Details
Under the two-year contract, Solutions will expand internal internet networks and extend existing and new network points for STC.
It will also broaden internet service projects, serving the firm’s business units.
So what
Solutions indicated that the financial impact of the contract signed on Tuesday will be reflected in its financial statements starting from the first quarter of next year.
It is important to note that STC is the largest shareholder in Solutions, holding 79% of its shares.
Some context
Solutions signed contracts with STC worth SAR 300 million last year, aimed at building and expanding cloud infrastructure platforms in data centers and managing various application infrastructures that are associated with the latter.
