"Saudi retail investors face hefty losses after a royal decree ordered the liquidation of Saudi Integrated Telecom Co (SITC), which floated its shares in an initial public offer (IPO) in 2011 but never started operations.
SITC’s failure highlights the dominance of speculative retail traders in the Saudi market, who chase rising prices with little regard for fundamental valuations.
“Investors are shocked,” said Mohammad Omran, a member of the Saudi Economic Association (SEA). “The CMA made a big mistake by allowing the IPO to go ahead.”"
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