CITC retrieves spectrum acquired by Atheeb on failure to pay

Etihad Atheeb Telecommunication Co. (GO) said it received a letter on Tuesday from the Saudi Communications and Information Technology Commission (CITC) stating that the commission has retrieved the additional spectrum acquired by GO in an auction conducted in June.

CITC’s decision came after Etihad Atheeb failed to pay the first installment of the total value of allocated spectrum, the telecom company said in a bourse statement.

Etihad Atheeb said it will take all necessary procedures to protect shareholders’ interests, however, the financial impact cannot be assessed at the current time.

Last June, Atheeb Telecom had acquired additional spectrum for SAR 21 billion in an auction conducted by CITC.

The first installment represents 30 percent of the total amount, or SAR 619 million.