Saudi gov't seizes Riyadh land plot from Saudi Telecom

1.05m sq m plot is valued at $28.1m but gov't has yet to tell telco what compensation it will receive
By Reuters
Mon 09 Jun 2014 06:53 PM

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 SR105.3 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 percent of STC.

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