DUBAI - A shareholder of UAE telecoms firm du sold a 7.55% stake in the company for 3.15 billion dirhams ($858 million) through a secondary share sale, du said in a regulatory filing on Monday.

Mamoura Diversified Global Holding, a unit of Abu Dhabi’s Mubadala Investment Company, sold 342 million du shares, which accounted for roughly three-quarters of Mamoura’s total stake in the company.

The shares were priced at 9.20 dirhams each, the midpoint of the 9.00 dirhams to 9.90 dirhams marketed range, du said in the filing.

The sale, announced on September 8, comes amid a wave of secondary offerings in the Gulf, as governments and state-backed entities look to tap into continued investor appetite following a boom in initial public offerings.

In 2024, Saudi Aramco raised over $11 billion by selling a 0.64% stake in a landmark follow-on deal. More recently, Abu Dhabi National Oil Company sold shares in two subsidiaries, ADNOC Gas and ADNOC Logistics & Services, raising $2.84 billion and $317 million, respectively.

($1 = 3.6720 UAE dirham)

(Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger)