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Vodafone Forms Strategic Alliance With Its Biggest Shareholder; Adds Board Member

Vodafone Group Plc (NASDAQ:VOD) and its biggest shareholder, Emirates Telecommunications Group Co, formed a strategic relationship to collaborate across a broad range of…
byLekha Gupta
May 11, 2023
1 minute read
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  • Vodafone Group Plc (NASDAQ:VOD) and its biggest shareholder, Emirates Telecommunications Group Co, formed a strategic relationship to collaborate across a broad range of growth areas across Europe, The Middle East and Africa.
  • The companies have decided to work on enterprise, procurement and technology areas, including exploring cross-border digital services and solutions. 
  • Also, as per the term, Hatem Dowidar, the CEO of Emirates Telecommunication, will join Vodafone’s board of directors.
  • Vodafone said Dowidar would join the company as a non-executive director for as long as Emirates Telecommunication maintains the current stakeholding of 14.6% stake and can nominate another non-executive director if its shareholding exceeds 20%. 
  • The Emirates Telecommunications Group attained a 10% interest in Vodafone a year ago, gradually increasing the stake since. Dowidar stated that the stakeholding would not exceed 25%, reported Bloomberg. 
  • Also related: Emirates Telecom Boosts Vodafone Stake Close To 15%, Seeks Board Restructuring
  • Yesterday, Vodafone announced the stepping down of three directors, following the completion of nine years service limit, per UK law.
  • In April end, Vodafone named Margherita Della Valle as the company’s CEO following a rigorous internal and external search.
  • Price Action: Vodafone shares are trading lower by 2.23% at $11.41 premarket on the last check Thursday.
 
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BCE