The Emirates Investment Authority bought 463.3 million shares for an undisclosed amount
The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator Du, snapping a stake valued at about $630 million.
The Emirates Investment Authority bought 463.3 million shares in the telecom firm from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2 percent of Du’s issued share capital.
The statement didn’t provide a value for the deal. Du shares closed at 5.02 dirhams in Dubai on Thursday.
The Emirates Investment Authority held 39.9 percent of Du, while Mamoura owned 19.92 percent. The telecom operator competes with Etisalat in the U.A.E.
Mamoura Diversified Global Holding was previously known as Mubadala Development Co., the wealth fund managed by Abu Dhabi’s government.tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.