DUBAI: The United Arab Emirates telecoms group e& has made an offer to increase its stake in Saudi Arabia’s Etihad Etisalat (Mobily) to 50% and one share, Mobily said on Wednesday.

Formerly called Etisalat, e& has suggested a price of 47 riyals ($12.53) per share, Mobily said in a statement to the stock exchange, through a pre-conditional partial tender offer.

The offer by the company based in Abu Dhabi is in line with its strategic objectives “to expand and improve the performance of its investment portfolio,” it said.