CAIRO - 4 October 2022: The Saudi Company, Arabian Internet and Communications Services (Solutions) announced Tuesday the completion of all procedures related to the acquisition of 88.19 percent of Giza Systems Company (a closed joint stock company).
The company also announced the acquisition of the 34 percent share not owned by Giza Systems Company in Giza Arabia Systems Company Ltd., which represents 34 percent.
It added in a filing to "Saudi Tadawul", that the reason for the decrease in the acquisition percentage from 89.49% (previously announced) to 88.19% is due to the main reason being the shares of the executive management.
The company explained that the purchase amount was based on the value of the facility approved for acquisition, which is $158 million, indicating that the acquisition amount was financed through bank facilities.
The financial impact will appear on the company's financial statements starting from the fourth quarter of 2022, the company stated, noting that there are no related parties in the agreement.
In August, Solutions revealed that the company's acquisition of stakes from Giza Systems Company (an Egyptian closed company), and Giza Arabia Systems Company Ltd. is expected to be completed in the fourth quarter of 2022.
Solutions is a public company listed on the Saudi Stock Exchange "Tadawul '' since September 2021.It operates within the Internet and IT services sector focusing on basic information technology consulting and system integration services.
Solutions was established in January 2003 and is headquartered in Riyadh, Saudi Arabia.
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