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Kuwait’s third mobile company VIVA launches services
KUWAIT CITY - Kuwait Telecom Company VIVA launched its services on Wednesday to become the third mobile operator in the oil-rich emirate, joining Zain and Wataniya.
VIVA is run by Saudi Telecom (STC), the largest Arab mobile company in terms of capitalisation and which holds a 26-percent stake in the company, after bidding 248.7 million dinars (931.4 million dollars) in an auction last year.
The Kuwaiti government holds 24 percent, while 50 percent was sold to citizens in an initial public offering (IPO) held in August. The capital of the company is 50 million dinars (182 million dollars).
Kuwait has two other mobile operators: Zain, established in 1983, and National Mobile Telecommunications Co (Wataniya), operating since 1999. Together they have 2.5 million clients in a country of 3.4 million people.
STC, which is 70 percent Saudi-owned, currently provides services to 20 million mobile subscribers in the oil-rich kingdom. It also has more than five million land lines.
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