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STC receives regulatory approval for IPO of its subsidiary

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The Capital Market Authority approved an offering of 20% that represents 24 mn shares of Arabian Internet and Communications Services which is also known as solutions by STC

Recently, the UAE stock market regulator announced that they have approved the planned initial public offering of its subsidiary, Solutions by STC, according to media reports. The Capital Market Authority also approved an additional offering of 20 percent that represents 24 million shares of Arabian Internet and Communications services, which is also known as Solutions by STC. STC has hired big names like HSBC, Morgan Stanley, and Saudi Arabia’s National Commercial bank to advise on sales.

Recently, it was also reported that STC and its strategic partner Huwaei signed a Memorandum of Understanding (MoU) where they will work together for sustainable development, green initiatives, and social development while trying to develop their nation with zero digital divides. The agreement was signed by SVP of Corporate Affairs of STC, Abdullah Al-Kanhel and KSA Head of Huawei Sun Xiaofeng at the Mobile World Congress 2021 in Barcelona. The MoU was also attended by the CEO of STC, Olayan M. Al-Wetaid and Huawei President of ME Region Charles Yang.

The partnership will also see both the companies adopting global best practices in sustainable development while trying to set new standards for the responsibility in the ICT sector. This MoU also supports Saudi Green Initiative and Middle East Green Initiative which was launched by the Kingdom’s Crown Prince Prince Mohammed bin Salman to help fight climate change.

The initiative aims to improve vegetation cover, reduce carbon emissions, fight pollution and land loss, and preservation of marine life. The initiative also plans on planting 10 billion trees in the Kingdom in the coming years, which is equivalent to saving 40 million hectares of land. The initiative also plans on reducing carbon emissions by generating 50 percent of the Kingdom’s energy from renewable sources by 2030.

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