Kuwait-Mubasher: Kuwait Telecommunication (Viva) shareholders have started on Sunday offering their equities for sale to Saudi Telecom (STC) of which acquisition offer was viewed as fair by a global consultant firm appointed by the prospective acquiree.
The share offering period lasts until the end of January 2016, according to a bourse filing.
U.S. Protiviti has advised Viva that its share value is in line with STC’s bid of KWD 1 or SAR 12.37, an advice that was no recommended by the Kuwaiti teleco’s board. However, STC insisted that it will proceed with its one-dinar-per-share offer as Viva’s recommendation in this case is “not binding” according the Kuwaiti laws.
Viva has lost 1% or 10 fils to decline to 990 fils after its shares went on sale, at the time that the telecommunication sector of Kuwait Stock Exchange inched down 0.11% or 0.68 points.
