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IPO for Dubai-linked Tunisie Telecom suspended

IPO suspended due to unrest in Tunisia

Tunisie Telecom was seeking a listing on both the Tunis and Paris stock exchanges.
Tunisie Telecom was seeking a listing on both the Tunis and Paris stock exchanges.

Tunisie Telecom, the telecoms giant part-owned by Dubai's Tecom Investments and Dubai Investment Groaup, has suspended plans to launch an initial public offering (IPO).

Secretary of state for communication technologies Sami Zaoui said a final decision would be taken in consultation with Tunisia's partners within days over whether to go ahead with the IPO.

Tunisia's government holds a 65% stake in Tunisie Telecom, with the rest held jointly by Tecom Investments and Dubai Investment Group.

The telco had planned to list on both Tunis and Paris stock exchanges in what would have been the first offering by a Tunisian company on a European bourse.

Tunisia has had two changes of government since former president Zine al-Abdine Ben Ali was driven out by popular revolt on 14th January.

Many officials have been replaced, leaving plans for the IPO in limbo.