Saudi Telecom Company (STC) will buy a further 25.8% of Viva for SAR1.59 billion, taking majority control of its affiliate following the close of a voluntary tender offer period for the Kuwaiti firm's shares. This will raise STC's stake in Viva to 51.8%. The former monopoly currently owns 26% of Viva, which rapidly won market share after launching services in 2008 and turned profitable four years later. STC in December said it would offer KWD1 dinar per share for all shares in Viva it did not own, a proposal Viva's board described as unfair. Viva's shares had hit a record high of KWD1.1 dinars before STC revealed its offer price, but Gulf stock markets have since slid following a renewed slump in oil prices. Viva's shares ended Sunday at KWD0.940 dinars. (Reuters)