e&’s stake in Britain’s Vodafone Group increases to 16%

Emirates Telecommunications Group Company (e&) has informed Abu Dhabi Securities Exchange (ADX) that its shareholding in Vodafone Group has increased to around 16 per cent.

e& has not increased its shareholding through any new purchase, but the percentage holding increased because of Vodafone’s EUR2 billion share buyback programme.

The UAE telecommunications giant continues to hold 3,944.7 million shares in Vodafone group.

In a filing with ADX, e& said: “We would like to inform you that as of today, Emirates Telecommunications Group Company PJSC’s shareholding in Vodafone Group is around 16.00 per cent.

“The updated shareholding is a result of Vodafone carrying out its share buyback programme, which reduces its total share capital. e&’s total number of shares remains the same at 3,944.7 million shares.”

The British company started another phase of EUR500 million (US$577.9 million) buyback in the last week of May this year. Vodafone was granted shareholders’ approval at the 2024 Annual General Meeting and is authorised to repurchase up to 4,053,092,397 Ordinary Shares.

Vodafone shares were trading at GBP0.7582 (US$1.03), nearly 8.6 per cent up from their price one year ago.  

e& bought a 9.8 per cent stake in Vodafone in May 2022 for US$4.4 billion, and increased it to 14 per cent in February 2023, and to 14.6 per cent a few months later.