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The Capital Market Authority (CMA) approved a request by Arabian Internet and Communications Services Co. (solutions by stc) to float a 20% stake, or 24 million shares in an initial public offering (IPO).
The company will publish the prospectus within sufficient time ahead of the IPO, the market regulator said in a statement.
The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the company’s financial statements, activities and management.
The offering’s approval is valid for six months as of today, June 28 and will be cancelled if the offering and listing of the shares are not completed within this period.
Arabian Internet is a 100%-owned subsidiary of stc. It provides communications and information technology, information technology management services and digital services.
Incorporated in 2002, stc solutions provides internet services, as well as information processing and transmission in the Saudi market.
In December 2007, stc fully acquired stc solutions’ share capital worth SAR 100 million.
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