SITC shareholders to receive SR1.05bn in compensation

April 24, 2014 12:55 pm

The Saudi government has been instructed by King Abdullah to pay compensation, worth SR1.05bn, to shareholders of the Saudi Integrated Telecom Co (SITC) after it was declared bankrupt, Arab News has reported. Shareholders will be paid compensation of SR30 per share, in accordance with the royal decree, up SR5.7 from the closing price of SR24.3. Tadawul stopped exchange of SITC shares on its bourse on February 6, 2013. Al-Mawarid Investment held the largest stake of 28% in the company, while the Public Investment Fund held 5%.