By Ahmed Awad
Kuwait-Mubasher: VIVA board members divided over the acquisition offer submitted by Saudi Telecom Co. (STC) at KWD 1 a share, considering it ‘unfair’ to shareholders, sources told Mubasher.
The deal fate will change after board disagreement and announcement of board members representing the Kuwaiti government that the price is unfair.
VIVA has seven board members, four of whom represent STC and the remaining ones represent Kuwait Investment Authority, Public Institution For Social Security and Zakat House.
However, STC representatives cannot vote on the offer in order to avoid conflict of interests, according to the CMA’s regulations.
STC earlier submitted a bid to Kuwait’s Capital Market Authority (CMA) to fully acquire VIVA at KWD 1 a share, totalling $1.2 billion.
Translated by Abdul Maguid Aboshahla
