KUWAIT, Nov 8 (KUNA) -- Adel Mohammad Al-Roumi was elected board chairman of Kuwait's third telecommunications company (VIVAVIVA) on Saturday during a meeting of the company's general assembly for the next three years.

The board also elected Zeyad Bin Thamer Al-Otaibi as vice chairman in the meeting that saw 50.76 percent in attendance.

The board also grouped Abdulmohsin Hassan Al-Mazeedi, Abdulqader Dhahi Al-Ajeel, Khalid Bin Abdulrahman Al-Jasser, Jameel Bin Abdullah Al-Molhim and Amin Bin Fahad Al-Shaddi as board members.

In a statement to reporters after the meeting, chairman Al-Roumi said that the company enjoyed large support from major shareholders in a bid to develop the communications sector in Kuwait within a soundly-competitive atmosphere with other operators in the market.

He noted that VIVAVIVA had begun its experimental operation stage after all technical and administrative procedures were completed, forecasting that market operation would be active by yearend.

He also noted that the company was seeking to enlist in Kuwait Stock ExchangeKuwait Stock Exchange after a year of operating in the market and announcing its fiscal year revenues.

On his part, VIVAVIVA's CEO Najeeb Al-Awadhi said the company's network was established in a "record" timeline and according to schedule due to the company's highly-skilled technical team and cooperation of local contractors.

VIVAVIVA has a strategy of offering best and up-to-date- services to its clients, Al-Awadhi said, adding that the free vanity numbers booking service was only one of these services that allow customers to choose the numbers of their preference.

The four-week-long service would also give customers access to the company's other services, including a chance to win one of the company's communications' packages free of charge for the next five years.

VIVAVIVA is part of the Saudi Telecommunications Company (STC), which won the right to operate in Kuwait and has 26 percent of VIVAVIVA's shares and its capital of KD 50 distributed on 500 million shares.

Kuwaiti government bodies also have shares in the company, including Kuwait Investment Authority with six percent, the General Authority for Social Insurance with six percent, in addition Zakat House, the General Secretariat for Awqaf and the Public Authority for Minors' Affairs, where each own four percent of the company's capital.

All 50 percent of VIVAVIVA shares were covered at the Initial Public Offering (IPO) on August 24, 2008.

© Copyright Kuwait News Agency 2008.

 

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