Abu Dhabi – Mubasher: e& has raised its shareholding in Vodafone Group to 3.27 billion shares, equivalent to 12% of the latter’s share capital, excluding treasury shares.

e& indicated that the transaction aligns with its objective to foster its exposure to global markets and back possible commercial partnerships, besides achieving future investment returns.

It is worth noting that the stake raise process between the two entities was concluded on 17 January 2023, according to a bourse disclosure.

Last December, the ADX-listed firm increased its ownership in Vodafone to 11% from 9.80%, which made its equity share in the latter stand at 3.01 billion shares.

Under its strategy that was unveiled on 14 May 2022, e& acquired nearly 2.76 billion shares in Vodafone at an amount of $4.40 billion.

In the first nine months (9M) of 2022, e&, formerly known as Etisalat Group, registered net profits attributable to the equityholders worth AED 7.34 billion.

The 9M-22 profits were higher by 2.30% year-on-year (YoY) than AED 7.18 billion.