Tech UAE’s e& ends talks with Saudi’s Mobily on stake increase By Pramod Kumar December 29, 2023, 5:02 AM Reuters/Jumana El Heloueh e& will continue to focus on supporting Mobily as its largest shareholder The UAE’s e&, the telecommunications company formerly known as Etisalat, has terminated talks on a possible increase in its holding in Saudi-listed Etihad Etisalat Company (Mobily). “Following a period of engagement, a way forward to conclude the potential transaction could not be determined,” the telco said in a statement published on the Abu Dhabi stock exchange. e& will continue to focus on supporting Mobily as its largest shareholder, the statement said, adding that it remains positive about the Saudi telco’s future. e& holds 27.99 percent stake in Mobily. In March 2022, e& offered to increase its stake in Mobil to 50 percent and one share, offering a price of SAR47 ($12.53) per share. The Abu Dhabi company then said that the offer was in line with its strategic objectives to expand and improve the performance of its investment portfolio. In November, e& reported a 20 percent year-on-year increase in net profit to AED3 billion ($810 million) in the third quarter of 2023 as revenue rose and its subscriber base reached an all-time high. The company’s nine-month net profit rose five percent year on year to AED7.7 billion, as revenue jumped 20 percent year on year to AED40 billion. 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
