STC becomes majority shareholder in Kuwait’s Viva

02 February 2016 |

Saudi Telecom Company (STC) has raised its stake in Kuwait’s Viva from 26% to 51.8%, making it a majority shareholder.

In December last year, STC received approval from Kuwait’s regulator, Capital Markets Authority (CMA), to acquire all the shares of Viva.

STC had held a 26% stake in Viva since its establishment in 2008, and has now acquired the remaining 25.8% of shares for $425 million.

Viva is Kuwait’s third mobile player after Zain and Qatar’s Ooredoo, with a customer base of 2.4 million.