STC Solutions Announces Binding Offer to Acquire Giza Systems Co.

STC announced a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems. (Asharq Al-Awsat)
STC announced a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems. (Asharq Al-Awsat)
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STC Solutions Announces Binding Offer to Acquire Giza Systems Co.

STC announced a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems. (Asharq Al-Awsat)
STC announced a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems. (Asharq Al-Awsat)

Saudi Arabian Internet and Communications Services Co. (solutions by STC) announced a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems.

In a statement to Tadawul, solutions said the transaction will be based on an enterprise value of $158 million, to be paid in cash.

Solutions said the acquisition is part of STC’s expansion plans and solutions’ strategic plans to lead digital transformation in Saudi Arabia.

It represents a strategic step in line with solutions’ international expansion strategy and an opportunity to enhance the Kingdom’s position and its information and communication technology (ICT) sector.

Digital transformation in the Kingdom has been witnessing a strong qualitative leaps, in light of Vision 2030, which places digitalization as one of its key pillars.

Solutions plays a leading role in enabling digital transformation and contributing to the Kingdom’s digital future by providing innovative and integrated digital solutions, being STC’s technology arm.

It is a leading IT service provider in the Kingdom’s business sector. It started operations over two decades ago and provided digital solutions for the public and private sectors. It has a strong experience through partnerships with more than 150 global and local partners.

The statement said Giza Systems is an information technology leading systems integrator that provides many technical solutions.

It has a track record of more than 40 years and has developed to become a regional power, digital transformation enabler and a leader in systems integration in the Middle East and North Africa region.

Giza Systems has offices in Saudi Arabia, the United Arab Emirates, Qatar and the United States, which allows it to provide its services to an ever-increasing client base in over 25 countries.

CEO of solutions Omar al-Noamani said the acquisition reflects the company’s intention to enhance its position in global markets, such as the UAE, Egypt and Qatar, and to enter new markets and expand business lines to meet the evolving needs of its customers and investor expectations.



Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.