solutions inks SAR 191.3M contract with stc

Arabian Internet and Communications Services Co. (solutions) signed today, Jan. 15, a contract worth SAR 191.34 million with telecom group stc (a related party) for the renewal of the Microsoft Licenses and Support Services Enterprise Agreement (EA), the company said in a statement to Tadawul.

The three-year Licensing Solution Partner (LSP) contract entails the provision of Microsoft licenses, Azure licenses and Microsoft unified support. The related financial impact is expected to be reflected in financial results as of Q1 2024.

stc is considered a majority shareholder in solutions, with 79% ownership.