Saudi Telecom Company (STC) has announced that it is set to list an unspecified number of shares in its Kuwaiti subsidiary Kuwait Telecom Company (Viva) on the Kuwait Stock Exchange (KSE); local financial services specialist NBK Capital has been selected to manage the listing. Viva CEO Salman bin Abdulaziz Al-Badran commented: ‘Viva is keen to meet all requirements and professional standards to successfully complete the listing process which will in turn build trust among shareholders’. Viva, which held a 20.1% share of the Kuwaiti telecoms market as at end-September 2011, previously staged an initial public offering (IPO) in July 2008, going on to raise KWD25 million (USD94 million) in a sale open to Kuwaiti nationals only.
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