Saudi Arabia's Ministry of Finance has seized some land in the country's capital from the kingdom's former telecom monopoly Saudi Telecom Company (STC), a bourse filing said on Monday.

The 1.05 million sq m plot in Riyadh has a book value of 105.3 million riyals ($28.1 million), but the government has yet to tell STC what compensation it will receive for this land, the statement said.

The compensation level and financial impact will be disclosed at a later date, the statement added.

The government owns 70 percent of STC. - Reuters