Kuwait’s Viva approves STC takeover; awaits CMA nod

Kuwait Telecom Co.’s (Viva) board of directors has given the initial approval to Saudi Telecom Co.’s (STC) offer to buy the remaining 74 percent stake in the telco, Kuwait’s Al Seyassah daily reported, citing unnamed sources.

Viva’s board is waiting for a response from the Capital Markets Authority (CMA) by the end of the year or early 2016 to close the deal.

The Saudi telco, which owns 26 percent of Viva’s shares, submitted an offer to raise its stake in the Kuwaiti second-largest telecom operator to 100 percent, Argaam previously reported.

The Kuwaiti telco was incorporated on July 22, 2008 as a joint stock company with KWD 49.94 million capital, divided into 499.4 million shares. Viva’s market capitalization stands at KWD 459.4 million (SAR 5.67 billion) based on the last close.