Vodafone shares rise by 4% after UAE bases E& group buy 9.8% stake

Shares of Vodafone company (VOD.L) has jumped by 4% in early trade on Monday, 16 May, after the United Arab Emirates-based telecoms company e& (ETISALAT.AD) disclosed that it had purchased a 9.8% stake in the British mobile operator.

Shares of Vodafone company (VOD.L) has jumped by 4% in early trade on Monday, 16 May, after the United Arab Emirates-based telecoms company e& (ETISALAT.AD) disclosed that it had purchased a 9.8% stake in the British mobile operator.

Vodafone has been struggling in its markets where regulation and competition have pushed prices lower, and its head Nick Read is under stress to boost returns.

Advertisement

E&, previously known as Emirates Telecommunications Group, stated it had made the investment to acquire “major exposure to a world leader in connectivity and digital services”, further adding it had no purpose of creating a bid for the whole company of Vodafone.

It said that Emirates Telecommunications Group firm PJSC, now called E&, has achieved a 9.8% stake in Vodafone for worth $4.4 billion on Saturday, 14 May.

The move came after a few days after e& stated it was looking to increase into new markets in Africa, Asia and Europe and in areas outside the telecoms like financial technology as it strives to drive growth.

Vodafone further said that it is looking forward to build a long-term relationship with United Arab Emirates-based company e&.

It said in a statement, “We persist in making good headway with our long-term strategic goals and will provide an update in our FY22 Results announcement on 17 May.”

E& said it had made the investment to gain “significant exposure to a world leader in connectivity and digital services”.

Advertisement

It further added that it had no purpose of making a proposal to buy Vodafone, saying it fully supports its existing business strategy and its board and management team.

“We see this investment as a promising opportunity for e& and its shareholders. It will let us improve and develop our international portfolio in line with our strategic endeavour,” said CEO Hatem Dowidar.

Tariq Saeed

Read More

Bahrain: Consumer Protection Dept. announces launch of Encouragement Initiative for shop owners

Bahrain: Consumer Protection Department of the Ministry of Industry and Trade announces the launch of the National Encouragement Initiative for shop owners

5-yr-old returns found money, gets reward from Dubai Police

A 5 years-old boy in Dubai, United Arab Emirates, has been honoured by Al Qusais Police Station for returning Dh4,000 lost cash to the Police authorities.  

New UAE visa rules will bring an inflow of buyers to Dubai and Abu Dhabi

The brokers in Dubai and Abu Dhabi said that the expected overhaul of the visa residency system in the United Arab Emirates (UAE) would benefit the country's real estate market and bring a significant inflow in buyers.

Recent

Dominica’s citizenship by investment programme is ranked world’s best by CBI Index

Investment in alternative citizenship is gaining fame with every passing day among investors seeking to live in a peaceful and safe environment. While investing in an investment programme, the applicant always wishes that the outcomes of his decision must turn out to be productive. Most investors look for a country that offers safety and security of life along with higher business opportunities. They also wish that the country's political environment should be assertive to reach new heights of success in terms of development.

Al-Hajri reviews Kingdom of Bahrain’s experience with Health Finance Project at ninth Health Conference

Her Excellency Dr Maryam Ibrahim Al-Hajri, Assistant Advocate for Public Health, participated as a speaker at the works of the Ninth Health Conference 2022, which was held during the period from 15-16 November 2022 via video call.

UAE: Students marks excellence in GCSE exams after two years of Pandemic

Students in UAE performed excellently in GCSE results that came out on Thursday, 25 August 2022. Several students scored a straight nine in their...
admin