Riyadh – Mubasher: Arabian Internet and Communications Services Company (solutions) has signed a binding offer worth $158 million to acquire a controlling stake in Egypt's Giza Systems Company.

Upon the agreement, the Saudi listed company will buy 89.49% of Giza Systems from Inergia Technologies for Information Systems, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems.

The transaction, which will be paid in cash, is subject to approvals of concerned authorities in Saudi Arabia and Egypt, according to a recent bourse filing.

solutions by the listed stc said the offer duration is for 12 weeks from 3 April.

This acquisition comes in line with solutions’ strategy to expand to new markets and meet the evolving needs of its customers in the Kingdom.

Last year, the company generated SAR 833 million in net profit compared to SAR 702 million in 2020.

In the third quarter (Q3) of 2021, solutions posted net profits after Zakat and tax worth SAR 257 million, a 7% year-on-year (YoY) increase from SAR 240 million.