Saudi Telecom Company CEO: STC has no intention to increase VIVA's offer price
Saudi NewsJan 04, 2016
Dr. Khaled Al Bayari, the CEO of Saudi telecom Company (STC), confirmed that STC is moving ahead with its offer to buy all shares of VIVA, not currently owned by STC, at the announced offer price of KD 1.000 per share. Dr. Al Bayari added that the offer price is based on an extensive study of VIVA’s future business plan, as well as the growth opportunities in the Kuwaiti telecom market and investments needed by VIVA to compete in the market.
Commenting on rumors that STC could potentially increase the offer price, Dr. Al Bayari confirmed that STC has no intention to increase the price. He also explained that since VIVA’s establishment, STC has offered all the technical, financial, and strategic support that enabled VIVA to grow in a very competitive market, benefiting from STC’s experience and status as the largest integrated telecom company in the Middle East.