Solutions Seals SAR 132 Mln Contract With stc Bank

Arabian Internet and Communications Services Co. (solutions) inked today, May 15, a four-year contract worth SAR 132 million with stc Bank (a related party) to provide the latter with managed SMS services. 

 

Under the contract, solutions will provide managed SMS service for four billion SMS, with a minimum of one billion SMS consumption per year, according to a Tadawul statement. 

 

The company expects the related financial impact to be reflected on financial statements starting from the second quarter of 2023.

 

According to data available with Argaam, stc owns a 79% stake in solutions.