By Ahmed Awad
Kuwait-Mubasher: VIVA shareholders have not submitted any orders to sell shares for Saudi Telecom Co. (STC), sources told Mubasher.
VIVA shareholders were scheduled to start selling their equities at KWD 1 a share on Sunday.
VIVA board members were divided over the acquisition offer submitted by Saudi Telecom Co. (STC) at KWD 1 a share, considering it ‘unfair’ to shareholders.
The Saudi operator considered the price ‘fair’ as it is the highest since VIVA listing and until submitting its bid to Kuwait’s Capital Market Authority. In addition, the price is 14% higher than the average price of traded volume over the last three months and 16% above the price set by the deal advisor at 859 fils a share.
In November, STC had submitted a bid to the Kuwaiti market regulator to buy out VIVA at KWD 1 a share, totalling $1.2 billion.
Translated by Abdul Maguid Aboshahla
