Saudi Telecom Co (STC) said today it has raised its share in Kuwait Telcom Co (VIVA) to a controlling stake after acquiring 25.8 per cent of shares for USD 425 million.
STC, the largest Arab telecommunications firm in terms of capitalisation, had held a 26-per cent stake in VIVA since its establishment in 2008 and was running the company.
In December, STC made an optional bid to purchase all other shares for USD 3.30 each. The offer ended on January 31.
STC said in a statement posted on the Saudi and Kuwaiti stock markets today that holders of 128.8 million shares, or 25.8 per cent of the company, accepted the offer, raising its stake in VIVA to 51.8 per cent.
VIVA is Kuwait's third mobile operator along with Zain and Qatar-held Ooredoo.
It has a customer base of 2.4 million clients.
STC has more than 100 million customers and operates in nine countries including Turkey, South Africa, India and Malaysia.
