Riyadh-Mubasher: Saudi Telecom Co. (STC) submitted on Wednesday a voluntary offer to Kuwait's Capital Market's Authority (CMA) to acquire an additional 74% stake in Kuwait Telecom Co. (VIVA), the Saudi operator said in a bourse statement on Thursday.
The deal will be funded from the company's cash sources.
STC currently owns a 26% stake in the Kuwaiti joint stock company which was established in 2008 with paid-in capital of KWD 49.94 million, divided into 499.4 million shares. VIVA was listed on the Kuwaiti bourse in December 2014.
VIVA, which provides mobile and data services in Kuwait as a third operator, has recorded total revenues of KWD 204 million (approx. SAR 2.5 billion) over the nine-month period ended 30 September 2015, a 17% increase compared to the same period in 2014.
Over the same period, VIVA's net profits increased by 12% to KWD 33 million (nearly SAR 407 million).
