Saudi telecom to cede $90 million worth of its capital

Saudi Arabia's telecommunications company, Saudi Telecom, will waver $90 million worth of its capital, in the biggest privatizing operation in the country, Saudi Finance minister, Ibrahim Ben Abdelaziz Al-Assaf, announced on Monday.

Take-over bids will be launched on December 17th 2002 to end on January 6th, 2003, said the Saudi official, who was quoted by Saudi Arabia's official news agency SPA.

Share nominal value was fixed at 50 rials ($13.3), and selling price at 170 rials ($45.3).

Saudi authorities agreed with all national banks operating in the country to receive subscriptions reserved exclusively to Saudi nationals.