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Thu 18 Feb 2016 02:43 PM

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Saudi's STC takes majority control of Kuwait's Viva

Saudi Telecom Co says it has completed purchase of a further 25.8 percent stake

Saudi's STC takes majority control of Kuwait's Viva

Saudi Telecom Co (STC) has completed the purchase of a further 25.8 percent stake in Kuwait's Viva, Kuwait's stock market said on Thursday.

STC has "completed procedures to execute the deal to acquire shares in Viva," the bourse said.

Kuwait's Capital Markets Authority had approved the acquisition of 128.86 million shares in Viva, the bourse said in a statement. The purchase price was equivalent to one dinar ($3.34) per share, it said.

The deal raises STC's stake in Viva to 51.8 percent.

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