SOLUTIONS Completes Acquisition of Inergia Technologies in Q1 of 2022

Arabian Internet and Communications Services Company (SOLUTIONS) announced on Monday the issuance of non-objection by the General Authority for Competition (“GAC”) pursuant to its decision number 319 published on 14-08-2022 with respect to the Transaction.

Arabian Internet and Communications Company (SOLUTIONS) announced latest development on the signing of a binding offer with Inergia Technologies for Information Systems, and others related to the acquisition of 89.49% of Giza Systems Company, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company, which represents the shares that are not owned by Giza Systems Company.

The Transaction is subject to other regulatory and commercial conditions. It is worth noting that there is no related party associated with this acquisition.

The Company will announce any material developments in due course.

This comes with reference to the announcement made by Arabian Internet and Communications Services Company (SOLUTIONS) (the “Company”) on the Saudi Exchange dated 05-06-2022 related to the signing of a sale and purchase agreement (SPA) on 04-06-2022 to acquire 89.49% of Giza Systems Company (Closed Joint Stock Company), in addition to 34% of Giza Arabia, which represents the shares that are not owned by Giza Systems Company (the “Transaction”), for a full cash consideration for the entire acquisition.