STC Group announced that it will begin procedures to list the shares of Kuwait Telecom Company (VIVA), an STC Group Company in the Kuwaiti Stock Exchange. This listing is an execution of the Emiri Decree number 187/2007 following the rules and regulations of the Kuwaiti Stock Exchange allowing customers to trade their stocks in the Kuwaiti Stock Exchange.
STC Group CEO, Eng. Saud bin Majed Al Daweesh highlighted that the agreement was concluding at VIVA headquarter with NBK Capital to manage the listing explaining that VIVA will work very hard to continuously meet the needs of its customers and provide innovative solutions for its customers to build on its success in Kuwait. In a very short and record time, VIVA was able to acquire approximately 1 million subscribers and a market share of approximately 20% in the Kuwaiti telecommunications market in addition to maintaining a favorable position in the market.
The agreement was signed by Salman bin Abdulaziz Al Badran, VIVA CEO, and NBK Capital CEO, Salah Al Flaij. Following the agreement, Al Badran said that this listing is a very important and strategic step in the development of the company which successfully began with an initial IPO comprising 916,000 subscribers with the IPO covered 3.4 times with Kuwait nationals making up 50% of the total shareholders. Al Badran confirmed, “VIVA is keen to commit to all the requirements and professional standards to successfully completing the listing process of the Company which will in turn build trust amongst the various shareholders especially minor ones.
The agreement with NBK Capital to complete the evaluation and supervision and management of the listing will be spearheaded by a group of investment and listing specialists. NBK Capital is considered one of the most experienced financial institutions that understand the business environment and regulations in the Middle East in general and Kuwait in particular. The Company benefits from its direct relationship with the National Bank of Kuwait (NBK) which is the largest Kuwaiti Bank with the highest ranking among Arab banks.