SITC’s founders subscribed to 65 million shares of the company while 35 million shares or 35 percent of the capital were offered to the public through an initial public offering.

The General Organization for Social Insurance (GOSI) received five million shares.

Hassan Oqail, undersecretary for internal trade, said the company has been licensed for 99 years, adding that it would be managed by a nine-member of board of directors appointed by the general assembly.

The founders have set up a board for five years.

Hassan Azzee, an SITC official, said his company would provide services in the fixed telecommunication sector, broadband, and interconnections for individuals and businesses.

The main activity of SITC is to provide fixed and mobile voice services to both the consumer and corporate sectors.

In addition to the infrastructure that will be available from other sister companies, SITC intends to build an advanced independent infrastructure that serves customers in 45 cities all over the 13 provinces of the Kingdom within seven years of operation.