SITC shareholders to receive SAR1.05bn in compensation

24 Apr 2014

Saudi Arabia’s King Abdullah has reportedly issued a Royal Decree instructing the relevant authorities to pay compensation worth SAR1.05 billion (USD279.98 million), equivalent to SAR30 per share, to stakeholders of the defunct Saudi Integrated Telecom Company (SITC), Zawya reports.

According to TeleGeography’s GlobalComms Database, in 2011, SITC, which had financial backing from Hong Kong’s PCCW, undertook a SAR300 million initial public offering (IPO), which was reportedly more than twice oversubscribed. However, in September 2012 the company was fined SAR200,000 by the Capital Market Authority (CMA), for allegedly violating markets and listing rules. Subsequently, in February 2013 trading in SITC shares was suspended, after the Communications and IT Commission (CITC) requested the termination of the company’s licence. The telecoms ministry cancelled SITC’s operating licence in May 2013, and under a Royal Decree the financially troubled telecoms company was set to be liquidated in the following month.

Saudi Arabia, PCCW Group, Saudi Integrated Telecom Company (SITC),


Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate


Have feedback, corrections, or story ideas? Send them to

Browse Past Issues


Filter CommsUpdate by the following categories or use the search.


Visit our help page information on performing advanced searches, including how to restrict the results by country or company.


CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.