By Ahmed Awad
Kuwait – Mubasher: Foreign portfolios that own a 15% shareholding in Kuwait’s telecom firm Viva agreed to the buy price offered by Saudi Telecom Company (STC), sources told Mubasher.
The portfolios will sell 75 million shares at KWD 1 each, the sources added, ascribing the move partially to escalating political tensions in the region coupled with the plunge in oil prices.
In mid-November, STC submitted a takeover bid for remaining shares in its 26%-owned Viva at KWD 1 each.
The sources expect the stake sale to be concluded by next week. They also said there is a plan to sell government stakes in the company in the coming days due to pressures from market conditions and political unrest.
Meanwhile, STC said on Sunday it has no intention to modify the price it proposed to take over Kuwait’s Viva.
