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Tue 18 Nov 2014 05:16 PM

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Viva Kuwait chairman says telco to list Dec. 14

Announcement comes nearly 6 years after it raised $85.9m in an IPO

Viva Kuwait chairman says telco to list Dec. 14

Viva Kuwait, the country's No.2 mobile phone operator by subscribers, will list its shares on the Kuwait Stock Exchange on December 14, nearly six years after it completed an initial public offer of shares, the company's chairman said on Tuesday.

In a statement carried by Kuwait's state news agency (KUNA), Adel Mohammad al-Roumi said the firm's listing is an important strategic step towards its development, adding the company fulfilled all the technical and legal requirements to list.

Roumi added the bourse is currently reviewing arrangements with parties connected to the listing, including taking the necessary precautions and procedures to ensure a seamless listing process. He did not elaborate further.

Viva Kuwait, an affiliate of Saudi Telecom, raised 25 million dinars ($85.9 million) from selling half its shares to Kuwaiti nationals in its IPO in September 2008, beginning services later that year.

The company never publicly explained the delay in listing.

However, the global financial crisis appeared to play a role; from its June 2008 peak, Kuwait's main stock index plunged nearly 60 percent to February 2009, and it remains about 55 percent below that high.

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