DUBAI: Saudi Telecom Co said yesterday it has submitted an offer to increase its stake in Kuwait’s VIVA to 100 percent that is pending approval from Kuwait’s market regulator. STC’s voluntary offer document proposes to purchase all issued shares in the Kuwaiti firm it does not already own.

Its current stake in VIVA, which only listed on Kuwait’s bourse in December 2014, is 26 percent, it said in a bourse statement.

VIVA made a net profit of KD33 million ($108.7 million)in the nine-months ending September, up 12 percent year-on-year. Viva’s current market capitalization is $1.52 billion, Reuters data shows. Meanwhile, Viva shares hit 5-month high yesterday on Kuwait Stock Exchange after STC buy offer. Its shares jumped 5.4 percent to 970 fils, highest since June 11. —Reuters