Emirates Telecommunications Group Company (e&) (formerly Etisalat Group) announced that it has increased its stake in Vodafone to 11 percent.

The objective of e&’s investment in Vodafone is to gain exposure to a world leader in connectivity and digital service at an attractive valuation. e& has no intention to make an offer for Vodafone.

Vodafone yesterday announced that its CEO Nick Read has stepped down. Vodafone will be looking for a new CEO soon.