The board of Kuwait's Viva is advising shareholders that the pricing of a takeover offer from Saudi Telecom Company is not fair, but it is up to shareholders to decide whether to sell their shares, Viva said on Tuesday.

Saudi Telecom, owner of 26 percent of Viva, said on December 14 that it would offer KD1 per share to buy out remaining investors in its affiliate.

"The price offered from STC...is considered a price that is not fair, bearing in mind this recommendation is non-binding and the decision to sell is up to the shareholders alone," Viva said. The shares last traded in the market at KD1.

STC, in a separate statement, said it would proceed with its offer in line with regulatory rules in Kuwait and did not intend to change the offer price.  - Reuters