The UAE-based telecoms group e& has increased its stake in Vodafone to 14 per cent, saying its rationale was unchanged from May 2022 when it bought a 9.8 per cent stake to “enhance and develop its international portfolio”.
Vodafone’s shares have fallen 15 per cent since e& first invested, as the London-listed group has struggled to improve weak performance in three out of its four biggest European markets, resulting in the departure of its chief executive in December.
This month Liberty Global bought a near five per cent stake in Vodafone, describing it as an opportunistic investment and stating it would not seek a board seat or mount a takeover bid.
Liberty Global CEO Mike Fries said Vodafone’s share price did not reflect the underlying value of the business and its opportunities for consolidation.
French telecoms tycoon Xavier Niel bought a 2.5 per cent stake in Vodafone in September. He said he was ready to advise Vodafone’s board on its strategy when Read was replaced on an interim basis by finance director Margherita Della Valle in December.
Shares in Vodafone rose 0.8 per cent in early deals on Tuesday. — Reuters
Once ramped up, the new centres are expected to each generate annual revenue of up to Dh200 million
Many residents opt for it in times of financial crunch and other urgent personal needs
Rents are projected to continue the upward trend across the country in 2024
The number of transactions carried out witnessed a significant increase compared to last year
The 57,000 sqm facility incorporates advanced technologies that include automated sort systems
Report notes that the GCC banking sector has experienced steady growth due to infrastructure projects, economic diversification efforts