Saudi Tele­com falls short to get 100pc own­er­ship of Viva

The Pak Banker - - COMPANIES/BOSS -

RIYADH: Saudi Tele­com Co., the big­gest phone op­er­a­tor in the oil­rich king­dom, said it will boost its stake in Viva Kuwait Tele­com Co. to 51.8 per­cent, fall­ing short of its ear­lier plan to get full own­er­ship of the com­pany. Viva shares dropped to the low­est since Nov. 15. The op­er­a­tor known as STC will buy 25.8 per­cent of Viva at one Kuwaiti di­nar a share, valu­ing the deal at 1.59 bil­lion riyals ($424 mil­lion), ac­cord­ing to a state­ment posted on the Saudi stock ex­change. Saudi Tele­com Chief Ex­ec­u­tive Of­fi­cer Khalid Bi­yari said last week the of­fer "is quite rea­son­able and ac­tu­ally does have a pre­mium com­pared to what a fair price for the share was de­clared by the in­de­pen­dent con­sul­tant." On Dec. 14, the Saudi com­pany of­fered to buy 74 per­cent of Viva's to­tal out­stand­ing shares.

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