By Fiona MacDonald
Nov. 30 (Bloomberg) -- Kuwait Telecommunications Co., licensed to be the Gulf state’s third mobile-phone company, will start commercial operations Dec. 3.
The company, also known as Viva, will enter the market “as a non-traditional Kuwaiti telecommunications company,” it said today in an e-mailed statement.
Viva Chief Executive Officer Najeeb al-Awadi said Sept. 28 the company aims to capture 10 percent of the market share in Kuwait, or 300,000 subscribers, in its first year of operations.
Demand for shares in Viva was three times the number sold to the Kuwaiti public in an initial public offering that ended Sept. 18. The company sold 250 million shares, or 50 percent, in the IPO. Saudi Telecom Co. holds a 26 percent stake in Viva and the Kuwaiti government 24 percent.
To contact the reporter on this story: Fiona MacDonald in Kuwait FmacDonald4@bloomberg.net
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