DAMMAM, 30 June 2003 — The Ministry of Trade and Industry has revoked its decision to liquidate the British Telerate Company’s branches in Saudi Arabia after confirming its financial position.
According to sources at the ministry, the decision enables Telerate to continue its commercial activities in Saudi Arabia.
Abdullah Al-Arrak, executive manager of British Telerate Company, told Arab News that the Ministry of Trade (prior to being integrated with the Ministry of Industry) had closed the company’s branch in Riyadh citing the bankruptcy of the US mother company, Moneyline Telerate.
The ministry has now given an order to issue a new commercial record for the company.
