Saudi Telecom Company (STC) confirmed it has submitted on November 18th, 2015 a voluntary offer document for approval from the Kuwait Capital Market's Authority (CMA), which may lead to an offer for all the issued shares of Kuwait Telecom Company (VIVA) not already owned by STC which represents 74% of VIVA issued shares, the cost of purchase will be funded by self-financing from the company's sources. STC will announce the details of its offer once it receives CMA approval. As of today, STC owns 26% stake in VIVA, a Kuwaiti join-stock company which was established in 2008 with a paid-in capital of 49.94 million Kuwaiti Dinars divided into 499.4 million shares. VIVA was listed on the Kuwaiti stock market in December 2014. VIVA, which provides mobile and data services in Kuwait as a third operator, has recorded a total revenues of KD 204m (approx. SAR2.5 Billion) over the 9 months ending 30 September 2015, a 17% increase compared to the same period in 2014. Over the same period, Viva's net profit increased by 12% to reach KD 33m (approx. SAR 407million).
