solutions grants SAR 233 mln financing to subsidiary Giza Arabia

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co. (solutions) announced today, July 27, granting SAR 233 million in financing to subsidiary Giza Arabia, located in Saudi Arabia, with no guarantees provided in return for the three-year loan, according to a Tadawul filing.

This financing is in line with the company’s strategy aimed at the growth, expansion and development of its subsidiaries’ business in the region, the statement noted.

According to the statement, solutions boasts a strong financial and liquidity position that enables it to provide financing. The move is seen to result in no impact on the company’s expansion plans and working capital.

Giza Systems is 88.19% owned by solutions and is considered a related party. The former holds a 66% stake in Giza Arabia, while the remainder is owned by solutions.