Kuwait Telecommunications Company (stc), a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, announced signing a binding agreement to acquire 100% of the share capital of e-portal Holding Company and its subsidiaries, which specialize in the Information and Communications Technology sector in the State of Kuwait. The acquisition with e-portal – one of the most prominent companies in the ICT field, with a reputable position and a value-added customer base from both the private and government sectors – has been initiated with the purchase price of KD 23 Million.
This transaction was disclosed on Boursa Kuwait in compliance with the regulations of the Capital Markets Authority; whereby, the completion of this transaction is subject to the regulatory approvals.
On this occasion, Engineer Maziad Alharbi, the Chief Executive Officer of stc, stated: This deal is an achievement for us in terms of its alignment with stc’s corporate strategy of expanding its activities, shifting from the traditional telecommunication services to the digital services as well as the advanced integrated communications information solutions and advanced technical solutions through the provision of digital capabilities from the ICT, IOT and Cloud Services. In addition to strengthening stc’s internal ICT capabilities in line with the recent rapid global developments, this acquisition is also considered as an integral opportunity for both companies to expand their scope of work and share expertise between their teams. This would allow stc to exploit the potential growth opportunities arising in the enterprise sector and develop its scope as well as sharing the required expertise to support the digital transformation process in order to provide the best services, products and solutions to exceed the expectations and requirements of our enterprise and corporate customers.
Alharbi noted: stc had studied all the available investment opportunities in this field that would support and enable the Company to provide the latest and most advanced services besides expanding its activities and operations in the field of the integrated communications and advanced technical solutions. This was driven by stc’s Board of Director’s and Executive Management’s vision of enriching our shareholder’s value and sustaining Company’s competitive position through seizing the promising investment opportunities.
Alharbi also emphasized that stc’s future plans are greatly based on elevating customers’ experience at both, the individual and enterprise levels combined with uplifting company’s market leadership through developing its capabilities and providing an effective operating model, based on the digital platforms.
Accordingly, this acquisition will be the corner stone that would support stc to provide the necessary infrastructure in order to develop its ICT portfolio backed by our current capabilities.
Source: stc Press Release