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Saudi Cancels SITC Licence
Published May 8, 2013
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Saudi's Capital Market Authority (CMA) has said it has cancelled the licence of Saudi Integrated Telecoms Co (SITC) and formed a committee to dissolve the financially troubled firm, Zawya Dow Jones has reported. In September, SITC was fined SR200,000 ($53,300) by the CMA for violating markets laws and listing rules. The firm also didn't inform the Communication and Information Technology Commission (CITC) in writing of the lack of funds amounting to SR2.8bn pledged by the company's founding shareholders to meet the firm's financial requirements.
Posted by
VMD - [Virtual Marketing Department]
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