Symmetry Group (SYM), a digital technology company based in Pakistan, has entered into an agreement with Aleph Holdings, a leading Dubai-based technology company.
Symmetry announced the development in its notice to the Pakistan Stock Exchange (PSX) on Monday, expressing optimism about generating “additional business of approximately $5 million in first year of this partnership”.
“Symmetry Group is excited to announce that it has entered into a partnership with Aleph Holdings, a UAE-based company providing ad tech solutions in 140+ markets,” stated the notice.
The company further informed that Aleph Holdings represents Spotify, the world’s largest digital music streaming platform with over 550 million monthly active users.
“User base of the platform has shown significant growth in local market as well,” it said.
Following the development, the share price of Symmetry Group rose to Rs21.99, an increase of Re0.80 or 3.26%. However, by the end of the session, the price had retreated in line with the KSE-100’s overall fall to close at Rs19.52 for an overall decrease of Rs1.67 or 7.88%.
In September last year, the company had also announced that it would establish its wholly-owned subsidiary in the Gulf country.
“This subsidiary will pave the way for global launch and scaling of the intellectual properties (products), developed in-house,” the company said back then.
The company was of the view that this initiative would enhance Symmetry Group’s “credibility and provide greater access to business opportunities across the GCC and international markets”.
“It will also offer increased flexibility in forming partnerships, joint ventures, and securing international contracts.
“Moreover, this strategic move will enable more efficient financial structuring and operational optimization, while exploring innovative business opportunities and global strategic investments,” it said back then.
Symmetry Group Limited is a leading digital technology and experiences company that specializes in the transformation and digitalization of critical business functions with its expertise in digital strategy, transformation, artificial intelligence, digital commerce, data science, mobility, retail/research, and interactive marketing.
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