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Saudi govt seizes Riyadh land plot from Saudi Telecom
June 9, 2014 / 1:50 PM / 3 years ago

Saudi govt seizes Riyadh land plot from Saudi Telecom

DUBAI, June 9 (Reuters) - 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 105.3 million riyals ($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 percent of STC.

$1 = 3.7505 Saudi Riyals Reporting by Matt Smith; Editing by David French

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