DUBAI: The planned initial public offering of Saudi Arabia’s Solutions by STC will cement the company’s position as a top digital enabler in the region, its Chief Executive Officer Omar Al-Noamani said.
A unit of the Saudi Telecom Company, Solutions by STC recently announced it will go public, offering 20 percent of the company’s shares.
The move is expected to increase the company’s capital, Al-Noamani said in an interview with CNBC Arabia, and to explore expansion opportunities in other markets.
“We are in a very good financial standing,” the CEO said, noting the 31 percent increase of the company’s cumulative average of net revenue in the last three years.
Net profit also increased by 13 percent in the same period, he added.
He said this strong financial solvency will allow the company to distribute IPO proceeds directly as divided to shareholders.
The dividend policy, which is yet to be announced, will depend on performance evaluation and growth rates, Al-Noamani said.
