U.A.E. Wealth Fund Boosts Du Holding With $630 Million Stake - Bloomberg:
The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator Du, snapping up a stake valued at about $630 million.
The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2% of Du’s issued share capital. The statement didn’t provide a value for the deal.
"This monetization is part of our strategy of continuously evaluating our portfolio, and realizing a return on an investment at the opportune time,” said Mounir Barakat, executive director of information and communications technology at Mubadala Investment Co. The fund continues to be a "significant" equity investor in Du, he said.
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