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.
