Logo of Arabian Internet and Communications Services Co. (solutions)
Arabian Internet and Communications Services Co. (solutions) inked a contract with Saudi telecom major stc, a related party, for the renewal of a SAR 120 million deal that entailed the latter’s provision of short message service center (SMSC) services to solutions’ clients.
The deal was signed today, Jan. 25, and is valid for 24 months, the company said in a statement to Tadawul.
The contract is expected to have a positive financial impact on the company’s financial statements starting from Q1 2024. Being a major shareholder in solutions with 79% ownership, stc is a related party, it added.
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