First published: 29-Dec-2023 11:44:03

Jihan Laghmari

UAE's Emirates Telecommunications Group (E&) said on Friday it had ended discussions to potentially increase its stake in Saudi Arabia's Mobily, according to a statement to the Abu Dhabi Stock Exchange.

Etisalat Group, which was founded in 1976 and is headquartered in Abu Dhabi, owns the largest share of Mobily, at about 27.99%, according to Mobily’s website.

According to the statement, this decision comes after a period of discussions, during which it was not possible to move forward with the potential deal, so the group decided not to pursue it.

In March 2022, Etisalat Group submitted an offer to increase its stake in Mobily to 50% plus one share, at a proposed price of SAR 47 per share ($12.5).

Mobily is a mobile operator in Saudi Arabia and was established in 2004. The company has a seven-year renewable management agreement with Etisalat, according to the company’s filing on the Saudi Stock Exchange.

(Prepared by: Jihan Laghmari, for communication: zawya.arabic@lseg.com)

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