Saudi govt seizes STC plot
Riyadh, June 9, 2014
Saudi Arabia's Ministry of Finance has seized some land in the country's capital from the kingdom's former telecom monopoly Saudi Telecom Company (STC), a bourse filing said on Monday.
The 1.05 million sq m 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. - Reuters