STOCK e& (formerly known as Etisalat Group)
e& keeps its razor sharp focus on Vodafone, a move that it launched in May last year through a staggering $4.4 billion spend to pick up the UK telco's shares. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The UAE tech-telecom entity e& has added another 1 per cent to its stake in the UK telco Vodafone, continuing a process that it started in May with $4 billion worth of stock buy. That meant taking a 9.8 per cent stake and which was raised further in January. (In all, e& holds 3,537.7 million shares in Vodafone, whose stock is trading at 91.18 pounds currently.)

“The investment rationale is unchanged from our announcement on the 14th of May 2022,” said e& in a statement. The Abu Dhabi headquartered entity has been gradually expanding its stakes at some of the international telecom operators, including Maroc in Morocco.

Vodafone management had last year reiterated that e&’s stake purchase does not represent anything leading to a formal bid.

Compared to its 52-week week high of 141.6 pounds, the Vodafone stock is still at a relative bargain of 91.18 pounds. Analysts say e& should be keeping close track for a further buying possibility. (Vodafone’s 52-week low was 83.24 pounds.)

"We haven't seen the last of e&'s interest in Vodafone," said an analyst.

Mixed results

Vodafone reported a mixed set of results for its latest quarter, growing in its home market but seeing drops elsewhere as in Germany and Spain.