UAE telecom company Emirates Telecommunications Group Company (now known as ‘e&’ and previously called ‘Etisalat’) has purchased another tranche of investment into the British company Vodafone, taking its stake to 12 percent of its issued share capital (excluding treasury shares).
It is the third time in the past nine months since May 2022 that e& has brought Vodafone shares.
e& made a filing to this effect at Abu Dhabi Securities Exchange (ADX), saying: “Executed at what we believe is an attractive valuation, the investment rationale is unchanged from our announcement on the 14th of May 2022, specifically to obtain significant exposure to a global leader, and leverage potential commercial partnership and realise future return on our investment.”
Vodafone shares
According to the filing, the purchase of additional shares was completed on Tuesday, 17 January. Vodafone Group’s share price on that day was 93.63 pence, and has since fallen to 90.69 on the London Stock Exchange.
In May 2022, e& had bought a 9.8 percent stake (2,766 million shares) in Vodafone for $4.4 billion.
CEO Hatem Dowidar had said at the time that e& fully supported Vodafone’s current business strategy and its board and existing management team.
“We see this investment as a good opportunity for e& and its shareholders as it will allow us to enhance and develop our international portfolio, in line with our strategic ambition,” he added.
This was followed by another purchase last month when e& took its overall holding in the company to 11 percent.
Follow us on
