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Arabian Internet and Communications Services Company (SOLUTIONS) announces the latest development on the signing of a binding offer with Inergia Technologies for Information Systems, and others related to the acquisition of 89.49% of Giza Systems Company, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company, which represents the shares that are not owned by Giza Systems Company

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Introduction With reference to the announcement made by Arabian Internet and Communications Services Company (SOLUTIONS) (the “Company”) on the Saudi Exchange dated 05-06-2022G related to the signing of a sale and purchase agreement (SPA) on 04-06-2022G to acquire 89.49% of Giza Systems Company (Closed Joint Stock Company), in addition to 34% of Giza Arabia, which represents the shares that are not owned by Giza Systems Company (the “Transaction”), for a full cash consideration for the entire acquisition.

Arabian Internet and Communications Services Company (SOLUTIONS) announces the issuance of non-objection by the General Authority for Competition (“GAC”) pursuant to its decision number 319 published on14-08-2022G with respect to the Transaction.

Previous Announcement Arabian Internet and Communications Company (SOLUTIONS) announces latest development on the signing of a binding offer with Inergia Technologies for Information Systems, and others related to the acquisition of 89.49% of Giza Systems Company, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company, which represents the shares that are not owned by Giza Systems Company
Date of Previous Announcement on Tadawul's Website 2022-06-05 Corresponding to 1443-11-06
Percentage of fulfilled achievement N/A
Event's Expected Completion Date The fourth quarter of 2022
The costs associated with the event, and if they have changed or not with indication of the reasons. N/A
Additional Information The Transaction is subject to other regulatory and commercial conditions. It is worth noting that there is no related party associated with this acquisition.

The Company will announce any material developments in due course.

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.

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