solutions signs SAR 112.04 mln contract with stc to provide, manage software licenses

09/11/2023 Argaam
Logo ofArabian Internet and Communications Services Co. (solutions)

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

Arabian Internet and Communications Services Co. (solutions) signed a contract worth SAR 112.04 million, including VAT, with Saudi Telecom Co. (stc), a related party, to provide and manage software licenses.

 

Under the three-year contract, solutions will provide stc with software licenses and manage these licenses along with related technologies to ensure business continuity, according to a statement to Tadawul.

 

The financial impact is expected to appear on solutions' financial statements starting in the fourth quarter of 2023, the statement added.

 

stc is the largest shareholder in solutions, with an ownership stake of 79%.

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