Alwateed: Successful Listing of "Solutions by stc" Shares Represents Major Leap in Digital Transformation Journey in Kingdom

Sep 30, 2021

Alwateed: Successful Listing of "Solutions by stc" Shares Represents Major Leap in Digital Transformation Journey in Kingdom

Engineer Olayan Bin M. Alwateed, stc Group CEO, stressed that the successful listing of "solutions by stc " shares in the Saudi Stock Exchange, Tadawul, represents "a qualitative and important leap in supporting companies working in the field of communications and information technology." He added: "The investment through technology is an important priority that supports development in various fields in the Kingdom," pointing out that "at stc, we will contribute with our startgey to this direction and provide the opportunity for investment entities to join us."
Alwetaid went on to say: "stc aims to establish its position among the world's leading companies, and to enable innovation and digital transformation in the Middle East and North Africa through an integrated system of services provided by the Group and its companies. This has enhanced the success of companies such as "solutions by stc" to transform from an acquisition of 100 million riyals to a company whose listing value is worth more than 18 billion riyals. This company has also become at the forefront of IT service providers and is the preferred partner for the business sector in the Kingdom after a rich journey that lasted about 25 years".
He pointed out that "the large turnout to the subscription witnessed by local and international institutions, as well as individual investors confirms the investment entities' confidence in the company's services and the promising opportunities it provides to the sector, in parallel with the stc strategy. This strategy aims to grow in new unconventional paths, play a pivotal role in digital transformation, and empower the public and private sectors in line with the ambitious goals towards a prosperous and diversified economy."
He added: "This success is an extension of a successful experience that began in 1998 during which stc was privatized and offered shares for trading, which is a success story in this regard. Alwateed thanked the Capital Market Authority and Tadawul for the successful listing and support of this step, saying that "itrepresents an important and qualitative leap in the digital transformation journey, and supports innovation and development in various fields in the Kingdom."