GO asks Saudi CITC to recover SAR 50 mln bank guarantee

Etihad Atheeb Telecommunication Co. (GO) on Feb. 28 asked the Communications and Information Technology Commission (CITC) to retrieve the SAR 50 million worth of bank guarantee, which has been recently liquidated.

Any related developments will be disclosed later on, the telecom operator said in a bourse statement on Sunday.

Last June, GO secured additional spectrum for SAR 2.1 billion, with 15-year validity starting from January 1, 2018, Argaam reported.

The first instalment represented 30 percent of the total value of the concession, or SAR 619 million. 

The Saudi telecom regulator retrieved the spectrum awarded to the telco and liquidated a bank guarantee, after GO had failed to pay the first instalment.

Riyadh Administrative Court ordered CITC to unlock the bank guarantee, until a final ruling is issued.