(MENAFN) Saudi Telecom Co. (STC) will buy more 25.8 percent of Viva for USD 424.0mn, taking main control of its affiliate trailing the close of a tender offer period for the Kuwaiti firm's shares.
Additionally, this will increase STC's share in Viva to 51.8 percent, while the former monopoly recently owns 26 percent of Viva, which won market share.
Moreover, the Co. proclaimed that it would provide USD 3.30mn per share for whole shares in Viva it did not own,
Viva's shares hit a record high of USD 3.61mn before STC exposed its offer price, while Gulf markets have dropped trailing a renewed slump in oil prices.
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