By Kyle Morris

Emirates Telecommunications Group Co. PJSC said Wednesday that it has increased its stake in Vodafone Group PLC to 11% of the issued share capital, implying a value of around 2.64 billion pounds ($3.20 billion).

The company, formerly known as Etisalat Group, said it has increased its stake in Vodafone to around 3.02 billion shares, giving it further exposure to a leader in connectivity and digital service at an attractive valuation.

Emirates Telecommunications has no intention of making an offer for Vodafone, it said.

On May 14, Emirates Telecommunications said it owned 2.77 billion shares in Vodafone, representing 9.8% of the issued share capital.

Shares in Vodafone at 1123 GMT were down 1.90 pence, or 2.1%, at 87.36 pence.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

December 07, 2022 06:48 ET (11:48 GMT)

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