Arabian Internet and Telecommunication Co., known as solutions by stc, has completed all necessary procedures to acquire a $158 million stake in Egypt’s Giza Systems Co., a bourse filing revealed.
The Saudi-listed company had earlier entered a binding deal for the takeover of an 89.49 percent stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia.
However, the acquisition percentage decreased to 88.19 percent, mainly due to executive management shares, it said.
The financial impact will appear in the company’s financial statements from the fourth quarter of 2022.
solutions by stc saw its share price increase 2.85 percent at the opening of bell of Tuesday to reach SR252 ($67), at 10:10 a.m. Saudi time.