stc Saudi Arabia completes its exit from the call center company in favor of Solutions
stc, listed on the Saudi market, has completed the sale of its 49% stake in Call Center Company “CCC” to Saudi Solutions Company.
And the Saudi Competition Authority had decided on March 6, 2023 that it had no objection to Solutions’ acquisition of all the shares of the call center company.
In a separate disclosure, the Arab Company for Internet and Communications Services (Solutions) confirmed the completion of all procedures related to the acquisition of 100% of the call center company “CCC”, in exchange for a cash consideration for the full value of the acquisition.
She explained that the value of the facility approved for the acquisition amounted to 450 million riyals, and it was funded through the self-sourced Solutions.
Solutions also diversified that the acquisition aims to enhance growth and the company’s leadership in the communications and information technology market in Saudi Arabia, noting that the financial impact will appear on the company’s financial statements in the second quarter of 2023.
stc’s stock rose by 0.9% in the Monday session, and before the announcement of the completion of the acquisition, to record its highest close in 7 months.