Al-Roumi: We are prepared for a competitive year with 800k subscribers, unique offerings and solid infrastructure
KUWAIT: With more than 800 thousand subscribers by the end of 2010, VIVA Kuwait Telecom Co. announced that it has achieved 18% of the telecommunications market in Kuwait in its latest General Assembly, and is set for more growth in 2011 thanks to a host of internal initiatives and achievements.
VIVA's chairman, Adel Al-Roumi, applauded the company's efforts during the general assembly for the fiscal year ending December 31st, 2010, and added that "[they were] very pleased with the range of accomplishments that were fulfilled during this short period of time where [VIVA] exceeded the expected return." Amongst the topics covered during the general assembly, which included ratifying the financial reports for the 2010 fiscal year, was the company's massive investment in infrastructure valued at KD 29 million last year alone, as indicated by Al-Roumi. He also said that VIVA was now finalizing procedures to list the company's shares on the Kuwait Stock Exchange, and as per the recommendation of the Ministry of Commerce and Industry.
"Along with the various, integrated services and products offered to customers, we are the first to incorporate services aligned with the iPhone, officially for the first time in Kuwait," said Salman Al Badran, the company's CEO, adding that VIVA was dedicated to delivering and maintaining quality products and services. He thanked the company's shareholders, customers and team for their trust and dedication and in helping VIVA prepare itself for a more prosperous future.
Abdulaziz Abdullah Al Qatie, VIVA's Chief Financial Officer, also reiterated the company's impressive growth in both customers and revenue, and indicated that they were now "expecting to accomplish continued growth in revenues, profits and value for investment." This growth throughout 2011 and beyond, he added, would contribute to better shareholder value, as well as the overall development of Kuwait.
Highlights of the General Assembly Meeting
During the meeting, all articles listed on the ordinary general assembly's agenda were approved, and several financial announcements were made. The Board's key announcements included the growth of its infrastructures investment to KD 61 million, which now represents 122% of its net capital, as well as an operating loss before depreciation and interest of KD 9.8 million and a net loss of KD 20 million. The Board of Director's financial report for the fiscal year ending December 31st, 2010 was ratified during the assembly meeting.
Summary of Key Points during the General Assembly
The Annual General Assembly discussed the following points during its meeting:
1. Reviewing the Report of the Board of Directors for the financial year ended December 31st, 2010 and ratifying it.
2. Reviewing the Report of the Auditors for the financial year ended December 31st, 2010 and ratifying it.
3. Introducing and ratifying the company's balance sheets and profit and loss statements for the fiscal year ending December 31st, 2010.
4. Authorizing the Assembly to deal with different parties.
5. Approving the rewards of the Members of the Board of Directors.
6. Clearing all Members of the Board of Directors of related actions during the financial year ended December 31st, 2010.
7. Appointing or reappointing the auditors for the financial year 2011 and authorizing the Board of Directors to determine their wages.
All of the articles listed in the agenda of the Ordinary General Assembly were approved. The Ordinary General Assembly convened at a quorum of 50.54% of the number of the ordinary shares of the company and the number of subscribers to the company's shares reached 930,000 contributors. The quorum required for holding the Extraordinary General Meeting (EGM) - 75% of the company's shareholders - was not met. Accordingly, the EGM was scheduled to take place three weeks later to discuss its agenda.
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About VIVA
VIVA is the newest, most advanced mobile telecommunications service provider in Kuwait. Launched in December 2008, VIVA makes things Possible for our customers by transforming communication, information and entertainment experiences. The company has rapidly established an unrivalled position in the market through our customer and employee centric approach. VIVA's quest is to be the mobile brand of choice for Kuwait by being transparent, engaging, energetic and fulfilling.
VIVA continues to take a considerable share of the market by offering an innovative range of best value products, services and content propositions; a state of the art, nationwide network and world-class service. VIVA offers Internet speed up to 21.6Mbps due to the implementation of the most advanced third generation (3G and HSDPA) network in Kuwait resulting in superior coverage, performance and reliability.
For more information, visit VIVA at one of our store locations or on www.viva.com.kw
Omar Al-Houti
Corporate Communication Manager
M: +965 50060044
T: +965 55670000
F: +965 55676715
E: omar.houti@viva.com.kw
W: www.viva.com.kw
A: Olympia Building P.O Box: 181 Postal
Code: Salmiya 22002 Kuwait
© Press Release 2011
