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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)
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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.

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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)

Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another US interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell's address later today for more policy cues.
Spot gold climbed 0.4% to $2,668.05 per ounce, as of 0913 GMT, a few dollars away from the record $2,670.43 it hit on Wednesday.
US gold futures were up 0.2% to $2,691.20, reported Reuters.
"Gold price strength is feeding on itself just now. That’s to say momentum is driving speculative flows despite a rising US dollar and Treasury yields," said independent analyst Ross Norman.
"Powell's comments will be observed for indications about the depth of further cuts. But really it's a case of when, not if."
Last week, the Fed trimmed the benchmark policy rate by 50 basis points to 4.75%-5.00%. Traders now see a 62% chance of an additional 50 bps reduction in November, according to the CME FedWatch Tool.
Lower interest rates boost non-yielding gold's appeal.
Powell is set to give opening remarks later in the day at a conference, where New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will also speak.
Markets will also scan the US jobless claims data on Thursday and the core personal consumption expenditure index - the Fed's preferred inflation indicator - on Friday.
Bullion has risen more than 29% so far in 2024, hitting record highs several times, fueled by the US rate cuts, safe-haven demand due to geopolitical and economic uncertainty and robust central bank buying.
"In the coming weeks, gold could set new records and we see $3,000 an ounce as the maximum extension of the bullish movement," analysts at Intesa Sanpaolo said.
"We forecast a 4Q24 gold average of $2,595, as some profit-taking could materialize towards year end."
Among other metals, spot silver climbed 0.9% to $32.16 per ounce, holding close to the four-month high it hit on Wednesday.
Platinum rose 1.8% to $1,005.61 and palladium gained 2.4% to $1,062.36.