Dubai's EIT considers selling Axiom stake
Dubai Holding hires Citi for Axiom stake sale: Reuters
Dubai Holding, the business conglomerate owned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, has hired Citigroup to advise on a potential sale of its remaining 26% stake in UAE mobile retailer Axiom Telecom, according to a report from Reuters, which cited three unnamed sources.
The stake is held by Emirates International Telecommunications LLC (EIT), a subsidiary of Dubai Holding, although the latter hired Citigroup and is taking the lead in the process, the report indicated.
"Like any investment company, EIT is always evaluating exit options that are in line with its investment strategy," an EIT spokesperson was quoted as saying.
"EIT continues to be committed to investing within the communications sector and to actively managing its portfolio companies to drive value creation."
EIT did not elaborate and Citigroup declined to comment, the report added.
On Saturday, it was reported that EIT was selling its 35% stake in state-owned Tunisie Telecom.
In 2011, Axiom Telecom signed an agreement to sell a 35% stake to Mannai Corporation.