UAE's Axiom sells 35pc stake to Qatar's Mannai

AXIOM Telecom has sold a 35 per cent stake to Qatar’s Mannai Corp for an undisclosed amount after deciding against a London share listing, the Dubai-based mobile phone retailer said yesterday.

The sale follows Axiom’s aborted initial public offering (IPO) last year, when it planned to list on the Nasdaq Dubai exchange by selling up to one-third of its shares. Axiom cited “market conditions and liquidity” concerns, with offers not matching its $1bn valuation.

Axiom said the Mannai deal was done at a higher valuation, without offering further details on pricing.

“We have covered all our financial requirements through this deal, but maybe there will be other opportunities to look at later on,” Axiom chief executive Faisal al-Bannai said.

His associate companies will own 39 per cent of Axiom’s shares, with the last 26 per cent held by a unit of Dubai Holding, once the deal closes.