CMA Announcement in Regard to Saudi Integrated Telecom Company

The Capital Market Authority announces that it received a letter yesterday, Monday 26/6/1434H corresponding to 6/5/2013, from the Minister of Communications and Information Technology that states informing the Saudi Integrated Telecom Company about the Royal Decree number (23267) including the approval on the ministerial commission’s decision in regard to the company to approve the decision of the Communications and Information Technology Commission to cancel the authorization approval of the company. A commission formed by members from the Ministry of Commerce and Industry, the Capital Market Authority, and the Communications and Information Technology Commission would be responsible to finish the liquidation process of the company in accordance with the mechanism laid down by the commission. The priority in the repayments of the company’s obligations is to its non-founder subscribers and shareholders. The commission should finish this very urgently in a period not exceeding six months.