Banking & Finance UAE telco e& ups stake in Vodafone Group to 11% By Pramod Kumar December 8, 2022, 6:21 AM Creative Commons 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. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
