JEDDAH: Saudi Arabia’s Ministry of Finance has seized some land in the country’s capital from Saudi Telecom Co. (STC), a bourse filing said.
The 1.05 million square meter 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.
STC counts cost of land seizure
