STC to offer KWD 1/share to acquire Viva Kuwait

14/12/2015 Argaam

Saudi Telecom Co. (STC) will offer KWD 1 per share (SAR 12.37 per share) to acquire the remaining 74 percent of Kuwait Telecom Company’s (Viva) 499.4 million total outstanding shares, the operator said in a statement on Monday.

 

The offering period will run from December 27 through January 31.

Kuwait’s Capital Markets Authority (CMA) approved STC’s voluntary tender offer to buy out Viva, the Saudi-based telco said on Sunday.

 

Viva was established in July 2008 with a capital of KWD 49.94 million divided into 499.4 million shares. The company was listed on the Kuwait Stock Exchange (KSE) in December 2014 as the country’s third mobile operator.

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