Saudi Telecom Company (stc) announces that it is considering an initial public offer for its subsidiary Arabian Internet and Communications Services Company (solutions by stc)
|Announcement Detail||Saudi Telecom Company -stc- (The Company) announces that it is currently considering the possibility of an initial public offering (IPO) in the Saudi Stock Exchange (Tadawul) for Arabian Internet and Communications Services Company –solutions by stc - (100% owned subsidiary located in the Kingdom of Saudi Arabia). solutions by stc provides core ICT services, IT managed services, and digital services. |
stc is currently conducting a detailed feasibility studies to cover all organizational, financial and technical aspects to determine the possibility of the IPO. stc is also evaluating the extent to which this offering would support the company's strategy and the potential value add to the company and its shareholders. Further, the decision of solutions by stc IPO is subject to completing the necessary regulatory procedures and obtaining approvals from the relevant authorities.
Any material developments will be announced in due course.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.