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Stc to buy stake in Giza

Tawal, an arm of Saudi Telecom,
By TRENDS Desk
April 4, 2022 4:50 pm
  • the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems
  • It's subject to approval from the authorities in Saudi Arabia and Egypt, the company added

Solutions by stc, also known as Arabian Internet and Telecommunication Co., will buy a controlling stake in Giza Systems Company of Egypt for $158 million.

According to a bourse filing, the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems.

The deal will be paid for in cash and is worth $158 million, the statement said.

It’s subject to approval from the authorities in Saudi Arabia and Egypt, the company added.

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