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solutions inks SAR 298m contract with stc

solutions inks SAR 298m contract with stc
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STC
7010
0.00% 101.80 0.00
SOLUTIONS
7202
1.57% 232.60 3.60

Riyadh – Mubasher: Arabian Internet and Telecommunication Services Company (solutions) has signed a SAR 298.08 million contract to establish and develop the internet and communications networks for Saudi Telecom Company (stc), the largest shareholder in solutions.

The project includes the expansion of internet services networks that serve the business units of stc to meet the requirements of the growing business sectors, according to a bourse filing on Wednesday.

Under the 24-month contract, solutions will install data transfer devices and raise the capacity of stc's internal and international network and the infrastructure for virtual broadband devices.

Meanwhile, an internet infrastructure will be established in the new data centres in Khamis Mushait, Dammam, Qassim, and North of Riyadh. 

The financial impact on the company will be registered, starting from the third quarter (Q3) of 2022, and will continue along the contract period.

It is noteworthy to mention that in late June, solutions signed a sharia-aligned credit facility agreement with the Saudi National Bank (SNB) to obtain SAR 1 billion.