Kuwait's third telco eyes stock market listing

Viva working on required procedures for listing, says CEO

Tags: Viva (www.viva.com.kw)
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Kuwait's third telco eyes stock market listing Viva has gained a market share of about 16% since launching in Kuwait in 2008. (Getty Images)
By  Andy Sambidge Published  May 29, 2010

Kuwait Telecom Company (Viva), the Gulf state's third and newest telco, is looking to list on the country's stock exchange, its CEO has confirmed.

CEO Najib Al-Awadhi said that the company was working on required procedures to get it listed on Kuwait Stock Exchange, KUNA News Agency reported.

Al-Awadhi said that the company had so far gained around 600,000 clients, accounting for 15% of the local market, adding that he was eager to increase that number.

The country's third mobile operator launched operations in December 2008.

The company, which is 26% owned by Saudi Arabia's incumbent operator STC, competes with Wataniya and Zain in a market with a population of some three million people .

Viva chairman Adel Al-Roumi said that the company had "surpassed all expectations" with existing investments in infrastructure reaching KD80.3m.

The decision to take steps to list on the Kuwait Stock Exchange was taken at Viva's General Assembly.

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