Saudi Arabia's King Abdullah has instructed authorities to pay compensation worth SR1.05 billion to shareholders of the Saudi Integrated Telecom Company (SITC) after it was declared bankrupt, an Arab News report said.

Shareholders will get SR30 per share, up SR5 from the closing price of SR24.3, the report said.

As a result of the royal decree, the Finance Ministry will take the place of shareholders other than the company’s founders, the report said citing an Al-Eqtisadiah daily report.

Tadawul stopped exchange of SITC shares on its bourse on February 6, 2013. Statements published on Tadawul said the company has 100 million shares and offered 35 million for public subscription, the report said.