Saudi Exchange Celebrates the Listing of Solutions on the Main Market
Riyadh, 30 September 2021 – The Saudi Exchange today welcomed the listing of Arabian Internet and Communications Services Company (solutions by stc) on the Main Market, one of the leading ICT services provider in Saudi Arabia. The listing was celebrated through a ceremony that was attended by Eng. Khalid Abdullah Alhussan - CEO of Saudi Tadawul Group, Mohammed Sulaiman Al Rumaih - CEO of Saudi Exchange, Eng. Olayan Mohammed AlWetaid - CEO of stc, and Eng. Omer Abdullah Al Nomany - CEO of solutions by stc, alongside other leading board members and executives.
Marking the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange, said: “We are pleased to welcome Arabian Internet and Communications Services Company to the Main Market during a time of significant potential for ICT providers in the Saudi technology market, as they play a vital role in local development. The rise in listings we have seen this year is reflective of the improving economic sentiment and the attractiveness of the Saudi capital market. Today marks an important new chapter in the growth journey of solutions by stc Company, and we look forward to following their continued evolution as a listed company.”
24 million ordinary shares were allocated to subscribers at an offering price of SAR 151 per share, representing 20% of the company’s shares. The subscription period ended on 21 September 2021 with institutional investors subscribing to 21.6 million shares, while retail investors subscribed to 2.4 million shares of the offering.
solutions by stc is a 100% owned subsidiary of stc. It launched operations in 1996 and today serves almost 24,000 clients across 35 cities in Saudi Arabia’s key sectors, including financial services, healthcare and education. solutions by stc has approximately 1,500 employees with over 800 certified on key technologies and domains, and is considered one of the Kingdom’s leading enabler of digital transformation and one of the leading ICT services provider across the nation.