Saudi Telecom Company (stc) announces the signing of a binding offer with Arabian Internet and Communication Services Company (SOLUTIONS) to sell its entire 49% stake in Contact Center Company (CCC).

Saudi Telecom Company (stc) announces the signing of a binding offer with Arabian Internet and Communication Services Company (SOLUTIONS) to sell its entire 49% stake in Contact Center Company (CCC).

|Element List||Explanation|

|Introduction||Saudi Telecom Company (stc) announces the signing of a binding offer with Arabian Internet and Communication Services Company (SOLUTIONS) on 10-11-2022 to sell its entire 49% stake in Contact Center Company (CCC) for cash consideration. The 100% Enterprise Value amounts to SAR 450 million, on cash free and debt free basis.|

|Memorandum Signing Date||2022-11-10 Corresponding to 1444-04-16|

|Counterparty||Arabian Internet and Communication Services Company (SOLUTIONS )|

|Memorandum Subject||Saudi Telecom Company (stc) signs a binding offer to sell its entire 49% stake in Contact Center Company (CCC) to Arabian Internet and Communication Services Company (SOLUTIONS) for cash consideration. The 100% Enterprise Value amounts to SAR 450 million, on cash free and debt free basis.|

|Memorandum Duration||The binding offer is exclusive for a period of 12 weeks following its signing date.|

|Related Parties||Arabian Internet and Communication Services Company (SOLUTIONS).|

|Financial Impact||The financial impact is expected to be positive as SOLUTIONS will acquire the entire share capital of Contact Center Company (CCC) where it will become a 100% owned subsidiary. As a result, the financial results of Contact Center Company (CCC) will be consolidated in SOLUTIONS financial statements once the deal is completed.|

|Additional Information|| It is worth to mention that the completion of the deal is conditional upon the