Emirates Telecommunications increased its ownership of Vodafone Group to 11% but stated that it does not intend to make an acquisition bid for the British telecommunications company.
The largest stakeholder in Vodafone, a telecom corporation located in the United Arab Emirates, historically owned around 10% of the British business.
Nick Read, the chief executive officer of Vodafone, said on Monday that he would retire at the conclusion of the current fiscal year.
Vodafone issued a profit warning last month after its shares have lost more than 20% of their value so far this year and virtually halved during Read’s leadership.
