STC says Riyadh land compensation under court review

22/02/2016 Argaam

A Riyadh court on Sunday ordered a reassessment of a compensation value handed to Saudi Telecom Co. (STC) on a piece of land that was expropriated by the state.

 

Last December, the company filed a claim objecting to the compensation amount that it was granted from the government, saying it didn’t represent the fair value at that time.

 

In 2014, Saudi Arabia’s finance ministry issued directives to seize the 1.05 million square meter land plot located in Riyadh’s Al Faisaliah neighborhood in exchange for SAR 726.3 million, according to previous reports published by Argaam.

 

Further updates related to the case will be announced in due course, the telco said in a statement to the Saudi bourse.

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