Saudi Integrated Telecom’s shareholders crisis to be solved within a week, Al Watan says

Decisions to preserve the financial rights of shareholders of the Saudi Integrated Telecom Co. (SITC) will be issued and a plan to liquidate the company will be finalized this week, al-Watan newspaper reported, citing unidentified sources.

Trading of SITC’s shares on the Saudi bourse was suspended on February 6, 2013 by the Capital Market Authority. In May of the same year, the company’s authorization to operate was cancelled on concerns over its financial health and trading violations.

A commission of government bodies and telecom regulators has been formed to liquidate the company within 6 months in a manner that preserves the rights of the non-founding shareholders.

The company, which offered high-speed mobile-broadband networks (long-term evolution)ß, launched an initial public offering in 2011.