Loss-making Viva Kuwait has yet to join its local bourse more than four years after its initial public offering and the telecommunications operator's listing could be further delayed as it may first need to issue new shares to shore up its balance sheet.
Convincing minority shareholders to pump in more cash to the Saudi Telecom Co (STC) affiliate when their original investment has been off-limits for so long may be a tough sell.
Viva, which competes with Zain and Qatar Telecom subsidiary Wataniya, raised 25 million Kuwaiti dinars ($88.57 million) from selling half its shares to Kuwaiti nationals in an IPO in September 2008, launching services later that year.
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