Saudi Govt Seizes Riyadh Land Plot From Saudi Telecom

Saudi Arabia’s Ministry of Finance has seized some land in the country’s capital from the Kingdom’s former telecom monopoly Saudi Telecom Co (STC), a bourse filing said on Monday.

The 1.05 million square metre plot in Riyadh has a book value of SAR105.3 million ($28.1 million), but the government has yet to tell STC what compensation it will receive for this land, the statement said.

The compensation level and financial impact will be disclosed at a later date, the statement added.

The government owns 70 per cent of STC.