e& Discusses Board Changes at Vodafone Group as It Further Increases Stake

UAE based, Emirates Telecommunications Group has increased its stake in Vodafone Group from 14 per cent in February to 14.61 per cent, according to the Security Exchange Filings dated April 12, 2023. In a regulatory filing, e& confirmed it had again increased its stake in the UK-based Vodafone Group.

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Also Read: e& Increases Stake to 14% In Vodafone Group

e& is Vodafone Group’s Largest Shareholder

Vodafone Group’s biggest shareholder, Emirates Telecommunications Group, has initiated talks with the troubled British Telecom group to push for changes on its board. e& began discussions with Vodafone Group on April 12 about various topics.

The ordinary shares owned by the Emirates Telecommunications Group were originally acquired for investment purposes, and the rationale of the investment by e& was to gain significant exposure to Vodafone Group, a world leader in connectivity and digital service, at an attractive valuation.

Also Read: e& Increases Stake in Vodafone Group to 13%

Preliminary discussions

According to the exchange filing, e& determined that it was in its best interests and the best interests of Vodafone Group and its shareholders that e& and its representatives were able to engage with Vodafone Group and its representatives on a variety of topics, including topics for which e& may be deemed to be seeking to influence Vodafone Group.

e& confirmed in the filing that on April 12, 2023, it initiated preliminary discussions with Vodafone Group in respect of the non-executive composition of the latter’s board of directors.