Emirates Telecommunications raises stake in Britain’s Vodafone

Emirates Telecommunications raised its stake in Vodafone Group to 11% on Wednesday, but said it has no plans to make an offer for the British telecoms group.

The United Arab Emirates-based telecommunications service provider, the biggest shareholder in Vodafone, previously held a stake of about 10% in the British company.

Meanwhile, Vodafone had said on Monday its Chief Executive Officer Nick Read was stepping down at the end of the year.

Vodafone, whose shares have lost more than 20% of their value so far this year and have nearly halved during Read’s tenure, had warned on profit last month. Reuters