Mamoura Diversified Global Holding, formerly known as Mubadala Development Company, and General Investments FZE sold a total of 463.26 million shares in Emirates Integrated Telecommunications Company (DU) to the Emirates Investment Authority (EIA).
The shares represent approximately 10.22% of Du’s issued share capital, according to Du’s statement to the Dubai Financial Market (DFM) on Sunday.
The value of the transaction was not disclosed.
The EIA, the UAE’s sovereign wealth fund, held a 39.9% stake of Du through its EITC, while Mamoura owned 19.92%, the telecom rival of Etisalat said on its website.
It is worth noting that Du posted a 14.2% year-on-year drop in profits for the first quarter of 2019, recording AED 444.81 million.