Page 23 - SAMENA Trends - October 2021

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solutions by stc’s Successful IPO Reflects Saudi Economy’s Strength,

Investors’ High Confidence in the Local ICT Sector

The Arabian Internet and Communications in Tadawul. Solutions by stc’s IPO is one started in the Saudi Exchange (Tadawul)
Services Company (solutions by stc) of the most successful local offerings on September 30.2021, under the Software
announced the success of its IPO. The and it has attracted a large number of the & Services sector. On the first trading day,
company’s market value has reached, international and local investors who are the share price closed at SAR 196.2, an
upon listing, SAR 18.1 billion (USD 4.8 interested in the digital transformation, increase of 30% over the offering price
billion). The total size of the offering which represents stc Group’s vision to be SAR 151. Solutions by stc’s successful IPO
increased to SAR 3.624 billion (USD 966 the world's leading digital company. The reflects the diversity of the Saudi economy,
million), which represents 20% of the IPO order book of institutional investors the investors’ high confidence and the
company's capital. Based on this offering, achieved a coverage ratio exceeding external funds’ interests in the Kingdom’s
stc Group seeks to diversify the Saudi the target by 13004.7%, with a value of information technology sector and the
stock market and raise its value. The SAR 471 billion. The Saudi companies’ emerging technologies in particular. This
volume of the Saudi communications and subscription achieved a coverage rate step also reflects the successful journey
information technology sector reached estimated at 9507.6%, the public and of the stc Group in the Saudi digital
SAR 33.8 billion in 2018, and it is expected private funds as well as the others funds payments sector, especially the company
to grow at a compound annual growth rate managed by financial market institutions had recently transformed stc Pay to a
of 6.7% by reaching SAR 53.1 billion by achieved a coverage with 2395.9%, the digital bank after it became the first Saudi
2025. Solutions by stc is one of the most foreign investors 908.7%, the government billion emerging company. Also launched
important companies in the Kingdom’s institutions 41.4%, and the other investors sirar cybersecurity, and invested in
information technology sector. It holds 151.1%. The individual subscribers also electronic games platform through stcplay
the largest share of the Saudi market, reached 1,042,090 participations, with platform, which reflects the success of the
with a rate of 13%. Based on this step, coverage exceeding the target by 2365.0%, privatization of the telecommunications
Solutions by stc is the first company of and the requests worth SAR 8.6 billion. sector for more than 20 years ago, and the
listed on the Software & Services index The trading of Solutions by stc shares Kingdom’s digital transformation plans.

Etisalat Group Announces the Appointment of
New Group Chief Operations Officer

Etisalat Group has announced the growing across several roles from
appointment of its new Group Chief network planning and optimization
Operations Officer (GCOO) as part to introducing new technologies
of its significant transformation and and enhancing mobile networks
planning for the next phase of growth performance. He brings a wealth of
and expansion of the company. experience to the position, including
Keeping in line with this vision and his previous role as Chief Business
strategy, Obaid Bokisha will transition Continuity and Corporate Quality
into the role of GCOO from his previous Officer at Etisalat. He also currently
position of Group Chief Transformation serves as a member in multiple boards
Officer and acting Group Chief of directors, governance teams and
Procurement Officer, as he will continue steering committees. Bokisha will be
to lead transformation, procurement now instrumental in taking Etisalat
and administration. Additionally, Obaid Group to new heights and in helping
will now oversee business continuity the company achieve its organizational
and crisis management. Obaid has goals as it continues to expand and
had an illustrious career of 23 years grow.
at Etisalat, having joined in 1998 and

23 OCTOBER 2021