Arabian Internet and Telecommunication Services Company (SOLUTIONS) announces the signing of a contract with Saudi Telecom Company (stc) (Related Party)
|Introduction||Arabian Internet and Telecommunication Services Company (SOLUTIONS) announces the signing of a contract with Saudi Telecom Company (stc) (Related Party) to execute the project of establishing and developing the internet and communications networks for the Saudi Telecom Company (stc).|
|Date of Announcement of the Award||2022-07-06 Corresponding to 1443-12-07|
|Contract Subject Matter||SOLUTIONS will execute the project of establishing and developing the internet and communications networks for stc, The scope of work between the two parties, includes the following: |
• Expansion of internal internet network.
• Expansion of internet services projects, that serves the business units of stc, in order to meet the requirements of the growing business sectors with regard to the corporate, individual, and other operators sectors.
|Date of Signing the Contract||2022-07-06 Corresponding to 1443-12-07|
|Contract Value||SAR 298,085,414.12|
|Contract Details||• Fulfill business sector requirements with regards to internet network of stc, by installing data transfer devices. |
• Increase the capacity of the internal and international network of the stc to accommodate the growth in internet services for individuals and companies.
• Increase the capacity of internal and international network to accommodate the growth in the 5G services.
• Replace the old devices that are no longer supported by the suppliers.
• Increase the capacity of the infrastructure for virtual broadband devices.
• Establish an internet infrastructure in the new data centers in Khamis Mushait, Dammam, Qassim, and North of Riyadh.
• Supply, install, integrate and test services for equipments, tools, programs and systems.
|Contract Duration||(24) months|
|Financial Impact and the Relevant Period||The financial impact on the company's financial statements will appear starting from the third quarter of the current year 2022 and will continue along the contract period.|
|Related Parties||stc which considered the largest shareholder with an ownership of 79% of SOLUTIONS shares.|
The Capital Market Authority and Saudi 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.