The largest shareholder in solutions, Saudi Telecom Company (stc), and Arabian Internet and Telecommunication Services Company (solutions) have agreed to a SAR 298.08 million contract for solutions to build and maintain the internet and communications networks.
The project includes the expansion of internet services networks that serve the business units of stc to meet the requirements of the growing business sectors, according to a bourse filing on Wednesday.
Under the 24-month contract, solutions will install data transfer devices and raise the capacity of stc’s internal and international network and the infrastructure for virtual broadband devices.
Meanwhile, an internet infrastructure will be established in the new data centres in Khamis Mushait, Dammam, Qassim, and North of Riyadh.
The financial impact on the company will be registered, starting from the third quarter (Q3) of 2022, and will continue along the contract period.
It is noteworthy to mention that in late June, solutions signed a sharia-aligned credit facility agreement with the Saudi National Bank (SNB) to obtain SAR 1 billion.
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