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UAE telco e& ups stake in Vodafone Group to 11%

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Emirates Telecommunications Group Company first bought a 9.8 percent stake in Vodafone in May for $4.4 billion

UAE telecommunications major Emirates Telecommunications Group Company (e&) has increased its stake in Britain’s Vodafone Group.

The state-owned telco currently holds more than three billion shares in Vodafone, representing 11 percent of Vodafone’s issued share capital, excluding treasury shares, it said in a statement published on the Abu Dhabi Securities Exchange (ADX).

In May, e& bought nearly 2.77 million shares, or a 9.8 percent stake, in the British telco, for $4.4 billion.

“The rationale of e&’s investment in Vodafone is unchanged from the original investment, as announced on 14 May 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation,” the statement said.

The value of the latest acquisition was not disclosed.

The UAE-based telecom firm reported AED 13 billion ($3.5 billion) in consolidated revenue and AED 2.5 billion in net profit for the third quarter of 2022.