Emirates Telecommunications Group announces ending ‎discussions to increase its stake in Mobily

Emirates Telecommunications Group Company announced on Thursday evening the end of its discussions regarding a possible increase of its stake in Etihad Etisalat Company “Mobily”.

According to the company’s statement on the Abu Dhabi Securities Market, this decision comes after a period of discussions, during which it was able to move forward with the potential deal, which prompted it not to pursue it.

The Emirates Telecommunications Group confirmed that it will continue to provide its support to Mobily as its largest shareholder, and that it remains optimistic about the company’s future in light of the rapidly growing Saudi market.

Etihad Etisalat Company “Mobily”, listed on the Saudi market, announced earlier that it had received an offer from the Emirati Etisalat Group to increase its stake in the company from 27.99% to a controlling stake by purchasing additional shares at a value of 47 riyals per share.