STC secures majority ownership of Viva

1 Feb 2016

Saudi Telecom Company (STC) has acquired 25.8% of Kuwait Telecom Company’s (Viva’s) outstanding shares for a total of KWD128.9 million (USD425.05 million), thus gaining majority ownership (51.8%) of the unit. The transaction – which will be funded by self-financing – is subject to approval by the relevant authorities in Kuwait.

According to TeleGeography’s GlobalComms Database, Viva is owned by STC (26%), the Government of Kuwait (24%) and the Kuwaiti public (50%). In December 2015 STC received the approval of the Kuwaiti Capital Markets Authority (CMA) for the buyout of 74% of Viva’s total outstanding shares at a price of KWD1 per share; the offer period ran from 27 December until 31 January 2016.

Kuwait, Saudi Telecom Company (stc), STC Kuwait (formerly Viva)