Kuwait – Mubasher: Kuwait Stock Exchange’s (KSE) management approved on Sunday a request by Kuwait Telecommunication Company (Viva) to suspend trading on the company’s share until its board puts forward a recommendation relevant to the acquisition proposal currently on the table.
Viva’s board gathered yesterday afternoon at the company’s headquarters to discuss Saudi Telecom Company’s (STC) offer to acquire the Kuwaiti telecom provider, according to a statement.
The meeting will be resumed on Monday to issue a recommendation to the company’s shareholders, Viva’s statement added.
Earlier this week, STC announced that it secured an approval by the KSE to publish the acquisition offer to buy Viva’s shares at one Kuwaiti dinar or SAR 12.37 per share.
STC already owns 26% of Viva’s capital.
