Solutions signs a contract with STC worth 195 million riyals for the renewal of the software Oracle

The Arab Company for Internet and Communications Services “Solutions” announced that it has signed a contract with Saudi Telecom Company “STC” – related party – to carry out a license renewal project software Oracle for a period of 3 years, with a value of 195 million riyals.

The company stated in a statement on “Tadawul Saudi” today Wednesday that the purpose of this contract is to carry out all the work and services needed to implement the license renewal project of the software Oracle, which includes the renewal of the license agreement for Oracle Systems and their management.

It was expected that the financial impact on the company’s balance sheet would appear from the second quarter of the year in course 2022 and the duration of the contract would have been 36 months.

He stated that “STC” is the largest shareholder in the company and owns 79% of the shares in Solutions.

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