VIVA to be listed at KSE by end of '14 - chairman

KUWAIT, Sept 1 (KUNA) -- Kuwait Telecom Company - VIVA - is looking forward to coordinating with the Kuwait Stock Exchange (KSE) to get listed at the regular market by the end of the year, Chairman Adel Mohammad Al-Roumi said on Monday.
On August 28, VIVA received approval of the Kuwait Markets Authority to be enlisted at the KSE official market, he said in a press statement, considering this a significant event for VIVA.
Listing VIVA shares at the KSE regular market has always been a major target for the board of directors, to highlight the company's successes through enabling shareholders to buy shares, Al-Roumi said.
He added that the rise in VIVA's profits over the past two years was a quantum shift considering the economic conditions in the country.
For Al-Roumi, VIVA has developed a new culture regarding the cost of communication services, which benefited clients a lot.
For his part, VIVA executive director Salman Al-Badran, said the company's financial results had exceeded expectations, as it managed over the first five years of operations till the end of 2013 to realize several achievements and record successes. The company had KD 66 million in operational profits by the end of last year.
Al-Badran added that VIVA's clients hit a record of two million, granting the company a share of 33 per cent of the matket. Listing the company at the KSE marks a new phase of development, he added.
VIVA was launched in 2008. (end) fnk.msa