The share of the UAE’s biggest telecom company e& within the British telecom giant Vodafone Group has surged to 17 percent. Emirates Telecommunications Group Company (e&) purchased 9.8 percent of Vodafone at a price of $4.4 billion in May 2022; the stake rose rapidly by 12 percent in 2023.
The UAE company’s shareholding, surging up to 17 percent, was not a result of acquiring more shares in Vodafone. Abu Dhabi-listed company said in a statement that, rather, “the updated shareholding is a result of Vodafone carrying out its share buyback programme, which reduces its total share capital and enhances. e&’s total number of shares remains the same at 3,944.7 million shares.”
The company stated in a statement posted on the Abu Dhabi bourse, as of now, e&’s shareholding in Vodafone Group stands at 17.0050 per cent. The Vodafone shares listed in London closed the week at 115.45 pounds.
The UK firm reported that the launch of a €2 billion share buyback in May 2024 following it received final authorization from the Spanish authorities for the sale of Vodafone Spain to Zegona Communications.
Vodafone Group declared the initiation of a €500 million share buyback programme earlier this month, from February 5 to May 11, aimed at reducing its share capital.
Thus, Vodafone stated that it would acquire nine million ordinary shares of Goldman Sachs as part of its share buyback programme in November 2025.
Vodafone has been on a share buyback program to rejig its capital base and generate better value for shareholders.
Its latest buyback is also for 2 billion euros. The company has divested some of its operations in Europe while trying to get back to the right growth numbers in Germany.
This then led to Vodafone’s share capital being reduced. But e&’s total number of shares remains the same at 3,944.7 million shares, but that now secures it a 16 percent stake.
