Stock - e&
e& reported revenue of Dh13 billion in Q3 2022. Image Credit: Supplied

UAE-based telecom and tech conglomerate e& has increased its stake in Vodafone Group PLC, it said on Wednesday.

The group now owns 3,015.5 million shares, representing 11 per cent of Vodafone’s issued share capital (excluding treasury shares), it added.

“The rationale of e&’s investment in Vodafone is unchanged from the original investment, as announced on 14 May 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation,” it said in a statement.

The telecom giant had in May announced that it had purchased a 9.8 per cent stake in Vodafone Group for $4.4 billion.

The purchase made e& Vodafone’s largest shareholder, ahead of BlackRock, the Vanguard Group, and HSBC Holdings.

Hatem Dowidar, Group CEO of e&, earlier said: “Vodafone is one of the leading businesses at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services.”

e& reported revenue of Dh13 billion in Q3 2022, while consolidated net profit after royalty stood at Dh2.5 billion, up 2 per cent over the year-ago period.