CITC fines STC, Mobily, Zain KSA SAR14mn for violations in 3Q18
The Communications and Information Technology Commission (CITC) said that, as part of its consumer protection efforts, it has imposed 14 fines on Saudi Telecom Company (STC) [7010.SE], Mobily [7020.SE] and Zain KSA [7030.SE] amounting to more than SAR14mn in 3Q18 for violating industry rules. The CITC launched 21 inspection tours on the three telecom operators over 3Q18 and received a total of 21,601 complaints, according to its quarterly report.
Saudi Telecom Company: SAR83.50 as of 15 Nov. 2018, Rating: Neutral, TP: SAR71.00/share, MCap: USD44,533mn, STC AB/7010.SE
Mobily: SAR17.02 as of 15 Nov. 2018, Rating: Buy, TP: SAR20.00/share, MCap: USD3,495mn, EEC AB/7020.SE
Zain KSA: SAR6.72 as of 15 Nov. 2018, Rating: Neutral, TP: SAR6.40/share, MCap: USD1,046mn, ZAINKSA AB/7030.SE
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