FINANCIAL NEWS

Axiom Telecom to launch IPO in Dubai

13 Oct 2010

(MENAFN) UAE retailer Axiom Telecom has announced plans to list a 35-percent stake on the Nasdaq Dubai market, in the first initial public offering (IPO) from the Gulf state in two years, Reuters reported.

Axiom, 40 percent owned by a unit of conglomerate of Dubai Holding, said it will offer new shares while current shareholders will also sell stakes in the IPO sale which is being run through a book-building process.

The listed firm, Axiom Limited, will be the holding company for Axiom Telecom which is 53-percent owned by Chief Executive Faisal Al Bannai. The remaining 7 percent is held by Al Zarouni Enterprises.

The offering is expected to be complete by the end of 2010, said Axiom, which had revenues of $816.8 million in the first half of the year.

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