Mobily shares jump around 10% on UAE’s Etisalat offer

Shares of Saudi subsidiary Etihad Etisalat Co., known as Mobily, jumped today by 9.88% to SR 42.25 compared with yesterday’s close at SR 38.45.

The rise came after sources reported that UAE-based Etisalat is in talks to increase its stake in Mobily, to expand its business in the Saudi market.

Etisalat Group currently holds a 28% stake in Mobily. Based on the talks, it plans to raise this stake up to 50%.

The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR 47/share.