Solutions completes procedures for acquiring stakes in Giza Systems and in its subsidiary Giza Arabia

The Arabian Internet and Communications Services Company (SOLUTIONS) announced on Tuesday that the procedures for acquiring 88.19% of Giza Systems Company (a closed joint stock company) and the acquisition of the non-owned stake of Giza Systems Company in Giza Arabian Systems Company Ltd., which represents 34%, have been completed.
It added that the acquisition of 88.19% of Giza Systems Company (Closed Joint Stock Company), and 34% of Giza Arabia, which represents the shares that are not owned by Giza Systems Company, has been completed.
It said in a statement on Tadawul that the purchase price was based on an Enterprise Value of USD158 million. This acquisition has been funded through banking facilities.