Citi hired for Axiom stake sale

Dubai Holding, the conglomerate owned by the ruler of Dubai, has hired Citigroup to advise on a potential sale of its remaining 26 per cent stake in the mobile telephone retailer Axiom Telecom, three sources who are aware of the plan said yesterday. The stake is currently held by Dubai Holding unit Emirates International Telecommunications (EIT), but the US lender was hired to provide advice by the holding company, which is taking the lead in the process, the sources said, speaking on condition of anonymity as the matter is not public. Citi declined to comment and EIT would not elaborate.