Viva Kuwait seeks $400m loan - reports

Kuwait's third operator plans to use loan to fund expansion - Reuters
Viva launched services in Kuwait in 2008.
Viva launched services in Kuwait in 2008.

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Kuwait’s third telecom operator, Viva, is seeking a $400 million loan to expand its network and services, according to a report from Reuters.

Viva, which is a unit of Saudi Arabia’s STC Group, has approached banks for the loan, according to the report, which cited two banking sources familiar with the matter.

Viva is yet to mandate any banks for the syndicated loan facility but has approached several lenders to assess interest, the report added.

Viva launched services in 2008 as Kuwait’s third mobile operator. It competes with two well-established rivals, Zain and Wataniya.

Viva had more than 1.1 million subscribers as of Q2 2012, according to data from Wireless Intelligence.

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