DUBAI: The Arabian Internet and Communications Services Company (Solutions by STC) will launch its initial public offering (IPO), listing its shares on the Kingdom’s stock exchange.

The deal will see the company, which is a subsidiary of the Saudi Telecom Company, offering 24,000,000 shares, representing 20 percent of its issued share capital.

Solutions by STC sent its initial application for an IPO earlier this year, and the Capital Market Authority (CMA) approved it on June 28, 2021.

The company has been operating in Saudi Arabia for over 25 years, and has achieved a 13 percent market-leading share of the Kingdom’s business-to-business information technology services market.

“Our consistent growth, strong profitability, operational expertise and market leading capabilities have allowed us to maintain our position as the leading digital enabler for Saudi Arabia,” Omer Alnomany, Chief Executive Officer of Solutions by STC, said.

He added that the company has plans to invest in new business lines, and expands its customer segments.

The move coincides with what the CMA earlier said was “record interest from companies to sell shares to the public” in Saudi Arabia.

It is part of the Kingdom’s ongoing campaign to modernize its economy, and diversify its revenue streams away from oil.

The market authority has said it wants to list at least 20 new companies on the Saudi index through IPOs this year.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.