Saudi Telecom Group (STC) has 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 and allowing customers to trade their stocks in the Kuwaiti Stock Exchange, a statement said.

STC Group CEO, Saud bin Majed Al Daweesh said an agreement to manage the listing was concluded with NBK Capital.

In a record time, Viva was able to acquire approximately one million subscribers and a market share of approximately 20 per cent in the Kuwaiti telecommunications market, he added.

The agreement was signed by Salman bin Abdulaziz Al Badran, Viva CEO, and NBK Capital CEO, Salah Al Flaij.

“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,” Al Badran concluded. – TradeArabia News Service