The Saudi Integrated Telecoms Company (SITC) has had its licence cancelled and will be liquidated within the next six months, according to an announcement from Saudi Arabia’s Capital Market Authority (CMA).
A committee, which includes representatives…
The Saudi Integrated Telecoms Company (SITC) has had its licence cancelled and will be liquidated within the next six months, according to an announcement from Saudi Arabia’s Capital Market Authority (CMA).
A committee, which includes representatives from the Ministry of Commerce and Industry, the CMA, and the Communications and Information Technology Commission, will oversee the liquidation process. The priority is to repay SITC’s shareholders, according to the statement.
SITC is part of the Mawarid Group.
In May 2011, SITC launched a SR300m (US$80m) IPO for 30% of its shares, which was oversubscribed. However, its shares were reportedly suspended earlier this year.
The company, which offers fixed and mobile services, has been struggling to gain momentum in the Saudi mobile telecoms dominated by Saudi Telecom (STC) and Etisalat’s Mobily, wrote local reports.
