UAE's e& ends talks to hike stake in Saudi telco Mobily

ETIHAD ETISALAT -0.75%

ETIHAD ETISALAT

7020.SA

52.90

-0.75%

DUBAI, Dec 29 (Reuters) - The United Arab Emirates telecoms group e& EAND.AD said on Friday it had ended talks to raise its stake in Saudi Arabia's Etihad Etisalat (Mobily) 7020.SE to 50% and one share 7020.SE.

"Emirates Telecommunications Group Co e& has terminated discussions regarding a possible increase in its shareholding in Mobily," e& said in a company filing on the Abu Dhabi exchange.

"Following a period of engagement, a way forward to conclude the potential transaction could not be determined. Hence, e& has now decided not to pursue the financial transaction."

Formerly called Etisalat, e& is Mobily's biggest shareholder with a 27.99% stake. In March last year, e& made the offer to raise its stake and suggested a price of 47 riyals ($12.53) per share.

E& said it will continue to focus on supporting Mobily as its major shareholder and remains positive about the company's future within the rapidly growing Saudi market.

 

(Reporting by Hadeel Al Sayegh; Editing by Stephen Coates)

 

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