19-05-2025
solutions signs SAR 651.7M contracts with stc
Arabian Internet and Communications Services Co. (solutions) signed several contracts with stc, a related party, to implement a project for upgrading IT infrastructure and cloud partnerships, in addition to a project for renewing Oracle software licenses, at a total value of SAR 651.7 million.
According to a statement to Tadawul, the contracts include upgrading the infrastructure through technical enhancements and improving application infrastructure serving computing systems, engineering systems, storage, backup, and databases.
The contracts also cover the implementation of the Oracle software license renewal project, which includes renewing and managing the licensing agreement for Oracle systems.
The 5-year contract was signed on May 18, the statement noted, adding that the relevant financial impact is expected to be reflected on the company's financial statements starting from Q2 2025.
The statement pointed out that stc is the largest shareholder in solutions, owning a 79% stake.
