STC to book SAR 621 mln gain in Q4-14 on confiscated land compensation

23/12/2014 Argaam

Saudi Telecom Co (STC), the kingdom’s biggest mobile phone service provider, plans to book SAR 621 million in gains in the fourth quarter after the government had decided to pay the telecom company SAR 726.3 million in compensation for a land compensated earlier this year.

The book value of the land was SAR 105.3 million, the company said in a statement to the Saudi bourse, Tadawul.

STC plans to protest the compensation and developments will be announced accordingly.

In June, the finance ministry confiscated a 1.05 million square meters plot of land in al-Faisalia area in Saudi’s capital city of Riyadh.

STC is 70 percent owned by the Saudi government. 

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