UAE telecom company e& in talks to raise stake in Saudi Arabia’s Mobily

Formerly known as Etisalat, e& owns a 28% stake in the Saudi company

The UAE’s biggest telecoms operator, e&, said on Wednesday that it has made an offer to increase its stake in Saudi telecoms company Etihad Etisalat, better known as Mobily, to 50% and one share.

Formerly known as Etisalat, e& owns a 28 per cent stake in Mobily, which was founded in 2004.

“The purpose of the discussions is for e& to come to an understanding with the Mobily board of directors in respect of the conditions applicable to the potential offer (including its implementation) which the Mobily board would be able to recommend to Mobily’s shareholders,” e& said in a regulatory filing to Abu Dhabi Securities Exchange, where its shares are traded.