In order to expand its market size in Saudi Arabia, the UAE-based telecom firm Etisalat is looking to increase its stake in the Saudi subsidiary Etihad Etisalat Co., also known as Mobily.
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.