UAE’s e& sumbits offer to raise stake in Vodafone to 20%

UAE’s e& sumbits offer to raise stake in Vodafone to 20%

The UAE telecom operator e&  is seeking to raise its stake in Vodafone to 20%, according to the CEO’s media reports.

The company’s CEO Hatem Dowidar told CNBC Arabia the UAE operator’s cooperation with Vodafone is awaiting regulatory approvals in countries where the British company operates.

The company formerly known as Etisalat, e& has taken a 9.8% stake for $4.4 billion in May 2022.

Its ownership as of April stood at 14.61%, according to the stock exchange filing.

The UAE operator waiting for the agreement approval to regulate relations between the two companies, and also the possibility of increasing the stake to 20%,” Dowidar said.

The company’s market capitalization stands at   US $60.3  billion as of March 1, 2022, e& is existing in 16 countries across the Middle East, Asia, and Africa.

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