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Emirates Telecommunications raises stake in Britain's Vodafone
A man checks his mobile phone as he walks past a shop displaying the Vodafone logo. — Reuters file photo
Emirates Telecommunications raised its stake in Vodafone Group to 11 per cent on Wednesday, but said it has no plans to make an offer for the British telecoms group.
The UAE-based telecommunications service provider, the biggest shareholder in Vodafone, previously held a stake of about 10 per cent in the British company.
Meanwhile, Vodafone had said on Monday its chief executive officer Nick Read was stepping down at the end of the year.
Vodafone, whose shares have lost more than 20 per cent of their value so far this year and have nearly halved during Read's tenure, had warned on profit last month. — Reuters
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