The Saudi company, Etihad Etisalat (Mobily), said that the UAE's Etisalat Group submitted an offer to increase its stake in the Saudi company, to become a controlling stake with more than 50% of the shares.
Mobily added, in a statement to the Saudi market (Tadawul), today, Wednesday, that the (E&A) group, which was known as (Etisalat), proposed a price of 47 riyals per share as part of a conditional partial purchase offer.
The Abu Dhabi-based company's offer comes in line with its strategic objectives to expand and improve the performance of its investment portfolio.
In light of the previous news, (Mobily) stock interacted in the Saudi market, to jump today by about 10%, reaching its highest level in 7 years.
