Mubadala has drawn interest for all shares on offer in a sale of part of its stake in Emirates Integrated Telecommunications Co. (Du), while Vingroup has initiated civil lawsuits against 68 individuals and organisations accused of spreading false information about the group.
Mubadala seeks up to $920m from sale of Du stake
Abu Dhabi’s Mubadala Investment Co. has drawn interest for all shares on offer in a sale of part of its stake in Emirates Integrated Telecommunications Co. (Du), a deal worth as much as $920 million, according to a Bloomberg report.
Mubadala is offering 342 million shares, or a 7.55% stake, at 9-9.90 dirhams each. At the top end, matching Thursday’s closing price, the sale would raise 3.39 billion dirhams ($920m).
Mubadala owns roughly 10% of Du through its Mamoura Diversified Global Holding unit. It previously cut its Du stake in 2019, when it sold 10% — worth about $630 million at the time — to the Emirates Investment Authority.
Bookbuilding closes Sept. 12, with final pricing due September 15. The deal is led by Goldman Sachs, Abu Dhabi Commercial Bank, Emirates NBD, and First Abu Dhabi Bank.
Secondary offerings are gaining traction in the Gulf, with $3.8 billion raised in the UAE this year and $13 billion in Saudi Arabia, outpacing IPOs.
Vingroup sues individuals, organisations
Vietnamese conglomerate Vingroup has initiated civil lawsuits, reported to authorities, and sent notifications to foreign embassies regarding 68 individuals and organisations accused of spreading false information about the group on the Internet. The company said the move is not only to protect its legal rights but also to uphold social interests and the rule of law.
According to Vingroup, the accounts in question published misleading and defamatory content targeting the group, its chairman Pham Nhat Vuong, and senior executives on platforms such as TikTok, Facebook, and YouTube. The false claims largely centred on four topics.
The first is about financial health. There were allegations that Vingroup faced bankruptcy due to debts of 800 trillion dong. In reality, the group’s consolidated financial statements show total debt of around 283 trillion dong with a debt-to-equity ratio of 1.8 times — considered safe by both Vietnamese and international standards.
The second is regarding product quality and origin: claims that VinFast vehicles were rebranded Chinese products. Vingroup clarified that VinFast controls its entire production chain, with 60% local content in Vietnam, expected to rise to 80%.
The third is about leadership: fabricated rumours about chairman Pham Nhat Vuong and mass employee resignations.
The last is legal and political issues: allegations that Vingroup’s products faced legal violations or were tied to government policies.
The company emphasised that these actions violate Vietnam’s 2018 Cybersecurity Law, the 2015 Penal Code, and civil rights protections, and that spreading false information is also punishable under international law.
Vingroup confirmed it has collected sufficient evidence against the 68 violators and is pursuing legal action in Vietnam as well as exploring lawsuits abroad. Notifications have been sent to foreign embassies in Vietnam and to Vietnamese embassies in countries where the individuals reside.
