Kuwait – Mubasher; Saudi Telecom Co. (STC) said Sunday it will begin to receive sell orders for shares of Kuwait Telecom (Viva) on Sunday, 27 December, through 31 January 2016.
STC sent the voluntary tender offer documents to 26%-owned Viva for study by its board of directors and endorsement by shareholders.
The Saudi-based telecom firm said earlier Sunday it has obtained the approval of Kuwait's Capital Markets Authority (CMA) to proceed with the acquisition of the remaining 74% stake in Viva.
Sources have told Mubasher that the proposed purchase price is between KWD 1.06 and KWD 1.08 per share.
STC’s buyout of the Kuwaiti telco will lead to delisting the latter from Kuwait Stock Exchange.
