RIYADH: IT firm solutions by stc, a unit of Saudi Telecom Co., has obtained Shariah-compliant banking facilities worth SR1 billion ($267 million).
Formally known as Arabian Internet and Telecommunication Services Co., the firm signed the financing deals with Saudi National Bank, according to a bourse filing.
Proceeds from the facilities, with a duration of one and five years, will partly be used to fund the recent acquisition of Egypt’s Giza Systems.
solutions by stc had earlier acquired 89.5 percent of Giza Systems, in addition to 34 percent of Giza Arabia, a subsidiary of Giza Systems, in a $158 million deal.