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.
