Emirates Telecommunications Group Co. PJSC, formerly known as Etisalat Group, announced Wednesday that it has increased its stake in Vodafone Group plc (VOD,VOD.L) to 11 percent.
Emirates Telecom said it has no intention to make an offer for Vodafone.
Through its unit Atlas 2022 Holdings Ltd., Emirates Telecom now owns aggregate 3,015.5 million shares, representing 11 percent of Vodafone's issued share capital, excluding treasury shares.
The company said, "The rationale of e&'s investment in Vodafone is unchanged from the original investment, as announced on 14 May 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation."
Atlas 2022 Holdings was established solely for the purpose of holding the shares in Vodafone.
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