Viva Kuwait [VIVA.KW] reported its 4Q2015 headline figures, with profit of KWD10.1 million, down 9% Y-o-Y and 10% Q-o-Q. This is despite a 12% Y-o-Y and 4% Q-o-Q increase in revenues. While the release did not give much detail, we expect the reason for the annual and sequential decline in profits to have been affected by high operating expenses as the company’s 4Q2015 operating profit declined 12% Y-o-Y and 10% Q-o-Q to stand at KWD11.2 million. The Board of Directors (BoD) has recommended not to distribute dividends for FY2015. However, this decision is yet to be approved by the shareholders.   On a separate note, Saudi Telecom Company’s (STC) [7010.SE] CEO, Khaled Biyari stated that owning just 50% of Viva is enough. The company submitted a Voluntary Tender Offer (VTO) in November, 2015 to acquire the remaining 74%, which it does not own in Viva for KWD1.00/share. The BoD of Viva recommended the shareholders not to sell as they believe that the price offered is unfair.