Saudi Telecom offers to raise stake in Kuwait’s Viva to 100%

Saudi Telecom Co. (STC) has submitted an offer to raise its stake in Kuwait Telecom Co. (Viva) to 100 percent, the kingdom’s largest telecom operator said in a statement to Tadawul.

STC will announce further details once its proposal to buy the remaining 74 percent is approved by the Kuwait’s Capital Markets Authority (CMA).

The Saudi teco already owns a 26 percent stake in Viva, which is listed on the Kuwait Stock Exchange (KSE).

Viva, Kuwait’s second largest telecom operator, was incorporated in 2008 with a capital of KWD 49.94 million. Its market capitalization stands at KWD 459.4 million (SAR 5.67 billion) based on the last market close.