Emirates Telecommunications Group (e&) informed the Abu Dhabi Securities Exchange (ADX) that its shareholding in British telecom company Vodafone Group has reached 16.6113 per cent.
In June this year, e&’s stake had crossed 16 per cent, and the updated shareholding is without the UAE technology and telecom giant adding anything to its existing 3,944.7 million shares. It was a result of Vodafone carrying out its share buyback programme, which reduces its total share capital.
After getting shareholders’ approval last year, Vodafone has embarked on a EUR2 billion (US$2.33 billion) share buyback programme.
Earlier this week, Vodafone informed the London Stock Exchange (LSE) that it purchased 12.6 million of its ordinary shares from Merrill Lynch International, as part of its ongoing share buyback program. The shares will be held in treasury, and this move is part of Vodafone’s strategy to manage its capital structure and potentially enhance shareholder value.
UK telecom giant was granted shareholders’ approval at the 2024 Annual General Meeting and is authorised to repurchase up to 4,053,092,397 Ordinary Shares.
Vodafone share was trading near its 52-week peak at GBP0.9568 (US$1.03), gaining approximately 38.9 per cent in the past one year.
e& bought a 9.8 per cent stake in Vodafone in May 2022 for US$4.4 billion, and increased it to 14 per cent in February 2023, and to 14.6 per cent a few months later.
Follow us on
