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Solutions by stc to buy Giza

The deal to acquire the company will be concluded by the end of Q4. (Waya Media)
By TRENDS Desk
August 15, 2022 3:08 pm
  • The company had entered a binding deal for the takeover of the stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia
  • The transaction is expected to be completed by the fourth quarter of 2022

Solutions by stc, also known as Arabian Internet and Telecommunication Co., has obtained an approval from Saudi Arabia’s General Authority For Competition to buy a $158 million stake in Egypt’s Giza Systems Co., a bourse filing revealed.

The Saudi-listed company had earlier entered a binding deal for the takeover of an 89.49 percent stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia.

Subject to other regulatory conditions, solutions by stc said the transaction is expected to be completed by the fourth quarter of 2022, adding that any developments will be announced in due course.

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