The UAE tech-telecom company e& (Emirates Telecommunications Group Company PJSC) (ADX:EAND) will not pursue its plans to raise its shareholding in its Saudi subsidiary Mobily (Etihad Etisalat Company). It was early last year that e& confirmed moves to take its shareholding in Mobily to 50% plus 1 share from the existing 27.99%. As a telco, Mobily has a 40% share of the lucrative Saudi marketplace and holding its own against stc (Saudi Telecom Co.).

(Mobily went operational in 2005.). If the deal had gone ahead, it would have bought the additional Mobily stake at SR47, according to reports at the time. That plan has now been put on the backburner.

The other major shareholder in Mobily is Saudi Arabias General Organization for Social Insurance. ?Emirates Telecommunications Group Co e& has terminated discussions regarding a possible increase in its shareholding in Mobily," the UAE company said. ?Following a period of engagement, a way forward to conclude the potential transaction could not be determined.

Hence, e& has now decided not to pursue the financial transaction".