UAE’s Etisalat plans an increase in its stake in Saudi Mobily

RIYADH: UAE-based Etisalat is in talks to increase its stake in its Saudi subsidiary Etihad Etisalat Co., better known as Mobily, to expand its footprint in the Kingdom.

Etisalat Group currently holds a 28-percent stake in Saudi-listed Mobily and it plans to see this going up to 50 percent.

The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5), a bourse filing revealed.

This comes as Etisalat aims to expand its footprint in the Kingdom, and “deepen the strong existing ties with Mobily.”

The move paves the way for further future collaboration between the two telecom giants, the statement said.