The journey of Kuwait Telecommunication Company (VIVA) began in 2008 with an Amiri decree facilitating the formation of a company to manage and operate a mobile phone network in Kuwait.
The company was founded with a capital of KD 50 million (500 million shares with a nominal value of 100 fils per share), where the company offered 250 million shares (50%) to the Kuwaiti people while 120 million shares (24%) were earmarked for various government funds (General Authority for Investment, General Organization for Social Insurance, Zakat House, Kuwait Awqaf Public Foundation, the General Authority for Minors Affairs). 130 million shares (26%) were earmarked for a strategic investor through public bidding. Saudi Telecommunications Company (STC) won the bid with an offer of KD 247 million.
On August 24, 2008, the initial public offering (IPO) of 250 million shares took place (half of the company’s capital) only to Kuwaiti citizens at a price of 100 fils per share and subscription ended on September 18, 2008. The IPO was one of the largest to be held in Kuwait. The response exceeded expectations; the number of subscribers was close to 920 thousand. The company was listed on the Kuwait Stock Exchange on December 14, 2014.
VIVA launched operations in December 2008. Since its launch, VIVA has invested KD 247 million in its infrastructure and has created the most advanced mobile telecommunication network in the Middle East.
It covers more than 99% of Kuwait’s residential areas and other geographically equipped areas.
By 2014, its market share had grown to 32%. The company has 72 branches across Kuwait. It has launched numerous new services and promotions at competitive prices. The result is a customer base of 2.5 million. Today, it is the second largest operator in Kuwait.
Since the beginning, VIVA has encouraged local talent. Its current workforce is 66% Kuwaiti.
The continued growth in operating revenues and efforts to strengthen its leadership in the telecom market has brought in numerous awards. VIVA has won awards from INSIGHTS Middle East for ‘Best Contact Centre Experience’ and ‘Best Network Experience’. The company was recently named the ‘Leading Corporate for Investor Relations in Kuwait’ due to the hard work and the dedication of the management and employees, and excellent recruitment process to hire experts and professionals, in addition to the highest professional standards in the process of communicating with its shareholders and the investment community.
Vision of the company
The company aims to provide unique services and products that satisfy the aspirations of its clients and accommodate their needs, and in turn earn their trust. The company aims to offer customers numerous telecommunications opportunities with the goal of boosting relationships with them and giving them the best experience round the clock.
‘Our vision is embodied in a fundamental and detailed understanding of the Kuwait market and focusing on the needs of customers in everything we say and do. We have pledged to work to enrich the lives of our customers through telecommunications, entertainment and information, and data transfer services’.
PHOTO: Kuwait Telecommunication Company (VIVA) CEO Eng. Salman Bin Abdulaziz Al-Badran