Saudi Telecom Company (STC) has submitted an offer to the Kuwaiti Capital Market’s Authority (CMA) for the buyout of all of Kuwait Telecom Company’s (Viva’s) shares. The cost of purchase will be funded by self-financing, with STC disclosing that the details of its offer will be announced once it receives CMA’s approval.
According to TeleGeography’s GlobalComms Database, Viva is owned by STC (26%), the Government of Kuwait (24%) and the Kuwaiti public (50%). In December 2011 STC announced that it was set to list Viva’s shares on the Kuwait Stock Exchange (KSE). National Bank of Kuwait (NBK) Capital was selected to manage the listing, which took place on 14 December 2014, with a total of 499.4 million shares offered to domestic investors. Viva previously staged an initial public offering (IPO) in July 2008, going on to raise KWD25 million (USD94 million) in a sale open to Kuwaiti nationals only.