By: Ahmad Awad
Kuwait-Mubasher: The number of Viva shares traded under the acquisition proposed by Saudi Telecom (STC) totaled 220,000 by the end of Tuesday’s trading session.
The share offering period of Kuwait Telecommunication (Viva) has started 27 December, and will mature 31 January, with a price of KWD 1 per share.
Many portfolios and funds have started selling their Viva shares after STC announced it will not raise its bid for Viva.
It is noteworthy that the Viva’s board considered the offer “unfair” to the shareholders, against the advice of its designated consultancy firm, something that STC considered irrelevant based on the Kuwaiti regulations.
STC said that the price is fair, as it is 14% higher than the average price for the traded shares in the past three months and 16% above the investment consultant’s evaluation of 859 fils.
