Previously called Etisalat, e& is Mobily’s greatest investor with a 27.99 percent stake
The UAE telecoms group e& (EAND.AD) said on Friday it had ended talks to raise its stake in Saudi Arabia’s Etihad Etisalat (Mobily) (7020.SE) to 50 per cent and one share (7020.SE).
“Emirates Telecommunications Group Co e& has terminated discussions regarding a possible increase in its shareholding in Mobily,” e& said in a company filing on the Abu Dhabi exchange.
“Following a time of commitment, a way forward to close the potential exchange not set in stone. Consequently, e& has now chosen not to seek after the monetary exchange.”
Previously called Etisalat, e& is Mobily’s greatest investor with a 27.99 percent stake. In Spring last year, e& made the proposal to raise its stake and recommended a cost of 47 riyals ($12.53) per share.
E& said it will keep on zeroing in on supporting Mobily as its significant investor and stays sure about the organization’s future inside the quickly developing Saudi market.