UAE’s telecom e& raises its Vodafone stake to 12 percent

UAE’s telecoms operator company e& has increased its stake in British company Vodafone Group to aggregate 3.2 million shares, representing 12 percent of the company’s shares, according to its statement on Wednesday.

The statement added this step aims to obtain significant exposure to a global leader, leverage potential commercial partnership and realise future return on e&’s investment.

The UAE telco has acquired about 2.76 billion shares, or a 9.8 percent stake in Vodafone, for $4.4 billion in May, before increasing its shareholding to 11 percent in December.