Riyadh-based STC has asked Kuwait’s Capital Markets Authority to approve its offer to acquire the 74% of mobile operator Viva Kuwait it does not already own.
Riyadh-based STC (TADAWUL:
STC currently owns 26% of Viva – Kuwait’s third and smallest MNO – and has a contract to manage the operator.
A variety of Kuwaiti state-owned entities hold 24% of Viva, while the remaining 50% is owned by private Kuwaiti investors. It listed on the KSE in December last year and has a market capitalisation in the region of US$1.5bn.
STC said Viva had recorded total revenues of US$672m over the 9 months ending 30 September 2015, which it said represented a 17% increase on the same period in 2014.