STC Group is set to list the shares of its Kuwaiti operation, Viva Kuwait, on the Kuwait Stock Exchange.
Salman bin Abdulaziz Al Badran, CEO, Viva Kuwait, described the listing is a “very important and strategic step” in the development of the company.
“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,” he said.
NBK Capital will manage the listing.
In 2008, Viva Kuwait raised KD25 million ($93.6 million) in an IPO of half its capital, which was 2.4 times oversubscribed. The company sold 250 million shares, according to news agency KUNA.
Viva Kuwait has about 1 million subscribers and a market share of about 20% of Kuwait’s telecoms market, according to Saud bin Majed Al Daweesh, CEO, STC Group.