Home News Vodafone sells 9.8% stake in UAE telecommunications company

Vodafone sells 9.8% stake in UAE telecommunications company


E &, formerly known as Emirates Telecommunications Group, said it had invested in “significant exposure to a global leader in connectivity and digital services,” adding that it had no plans to bid for the entire Vodafone group, Reuters reported.

Vodafone, like other mobile operators, is struggling in its mature markets, where competition and regulations have led to lower prices.

Vodafone’s net debt has reached 44.3 billion euros, and CEO Nick Read is under pressure to simplify the group’s portfolio and improve its returns after a 20% drop in share prices since he took office in 2018.

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Vodafone said it is looking forward to building a long-term relationship with e &.

“We continue to make good progress with our long-term strategic plans and will provide an update on our announcement of 2022 results on May 17,” the statement said.

He said he fully supports the company’s current business strategy, its board of directors and its existing management team.

“We see this investment as a good opportunity for e & its shareholders, as it will allow us to improve and grow our international portfolio in line with our strategic ambition,” said CEO Hatem Dowidar.

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The UAE-based company has recently split its e-life-focused consumer services business, e & Enterprise, which provides digital services to governments and companies, as well as the Etisalat telecommunications division, which its CEO said is the seventh largest in the world by market capitalization.

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