Saudi Govt Seizes Riyadh Land Plot From Saudi Telecom

The 1.05 million square metre plot in Riyadh has a book value of SAR105.3 million.



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.