Etisalat acquires 9.8% stake in Vodafone

Etisalat acquires 9.8% stake in Vodafone: Our friends at the UAE telecoms giant Etisalat Group (e&) have acquired a 9.8% stake in UK’s Vodafone Global in a transaction valued at approximately USD 4.4 bn, a disclosure (pdf) to the Abu Dhabi bourse read. The acquisition comes under its plan to be a “global player in telecom and technology and increase its exposure to international markets,” the statement said. The Emirati operator said it plans to be a “long-term and supportive shareholder” in Vodafone, with no plans to make an offer for the British operator.

Other headlines worth knowing about this morning:

• The UAE is introducing an unemployment ins. scheme: Public and private sector employees in the UAE of all nationalities who lose their jobs will receive 60% of their salaries (up to AED 20k) for a limited period of time while they look for another job, Emirates news agency WAM reported. The program will come into effect next year the National reports.
• Western sanctions don’t seem to be doing much to halt Russia’s trade traffic which the New York Times has remained “relatively strong” over the past few months as countries preempt harsher sanctions and rush to fulfill contracts.

THE CLOSING BELL-

The EGX30 fell 1.6% at Thursday’s close on turnover of EGP 957.76 mn (9.2% above the 90-day average). Foreign investors were net sellers. The index is down 10.6% YTD.

In the green: Orascom Construction (+2.6%), Fawry (+0.6%).

In the red: Palm Hills (-5.0%), Qalaa Holdings (-4.0%) and Ezz Steel (-3.9%).