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e& ups shareholding in Vodafone to 13%

e& ups shareholding in Vodafone to 13%
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Abu Dhabi – Mubasher: e&, formerly known as Etisalat Group, hiked its 12% stake in Vodafone Group to 13%, excluding treasury shares.

Meanwhile, the UAE-based company currently holds 3.53 billion shares in Vodafone, according to a bourse disclosure.

The transaction aligns with e&’s strategy, which was announced on 14 May 2022, to boost its exposure to global markets and support possible commercial partnerships, in addition to achieving future investment returns.

Last month, the ADX-listed firm increased its ownership in Vodafone to 12% from 11%, which made its equity share in the latter reach 3.27 billion shares.

In the January-September 2022 period, the net profits attributable to the owners of e& grew by 2.30% to AED 7.34 billion, compared to AED 7.18 billion during the same period in 2021.

Revenues declined by 1.10% to AED 39.29 billion in the first nine months (9M) of 2022 from AED 39.72 billion in 9M-21, while the basic and diluted earnings per share (EPS) rose to AED 0.84 from AED 0.83.