Riyadh – Mubasher: Arabian Internet and Communication Services Company (solutions) has received a no-objection certificate from the Saudi General Authority for Competition (GAC) to acquire stakes in Egypt's Giza Systems Company and Giza Arabia, a subsidiary of Giza Systems.
Last April, solutions inked a binding offer worth $158 million to 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 acquisition is expected to complete in the fourth quarter (Q4) of 2022, according to a bourse filing on Monday.
The takeover comes in line with solutions’ strategy to expand to new markets and meet the evolving needs of its customers in the kingdom.
Noteworthy to mention, during the first half (H1) of 2022, solutions achieved a 20.61% annual growth in its net profit after Zakat and tax to SAR 556 million, compared to SAR 461 million.