STC gets approval to acquire Kuwait’s VIVA

Kuwait’s Capital Market Authority (CMA), the country’s market regulator, has approved Saudi Telecom Co.’s (STC) offer to acquire the remaining 74 percent stake in Kuwait Telecom Co. (Viva), the Saudi telecom operator said in a statement to Tadawul.

The offer documents will be sent to the Kuwaiti telco to be studied by the board of directors, as well as shareholders.  

STC, which owns 26 percent of Viva, recently submitted the acquisition offer to Kuwait’s market authority.

The Kuwaiti telco 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.