(MENAFN- Saudi Press Agency) Saudi Telecom Company (STC) announced that will acquire 128,860,518 shares of VIVA Telecommunications Company representing 25.8% of the total shares in issue for a total amount of KD 128,860,518 (SAR 1,590,138,792) at a price of 1 Kuwaiti Dinar per share (SAR 12.34 per share), noting that STC ownership will therefore increase from 26.0% to 51.8%.
The company said in a statement published on Saudi Stock Exchange Company's website ''Tadawul'' that it will seek approval from relevant authorities in Kuwait to execute the transaction in compliance with applicable rules and procedures including the final count of the shares, transfer of funds and transfer of ownership.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.