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FINANCIAL NEWS
Dubai Holding is likely to derive USD1B from stake sale in telecom firms
09 Jul 2013
(MENAFN) Dubai Holding’s shares in two telecom companies is likely to get the giant contractor a respectable sum of money that would total USD1 billion and that all in case of a potential sale of the Dubai holding stakes. Arabian business reported.
The money would be used to repay an accumulated debt of USD50 billion that obliged Dubai Holding along with other state-linked corporations, which were affected severely by the 2009 real-estate boom, to repay the debt which is due in 2016.
The two stakes represent 26% of the mobile phone retailer Axiom Telecom which is owned by Dubai Holding’s unit Emirates International Telecommunications LLC (EIT), and 35% of Tunisie Telecom.
J.P. Morgan who wrote a research about the aforementioned possible sale said: “Although we have always expected DUBAIH (Dubai Holding) to sell these non-core stakes, management in the past has been vague about timing.” He added: “Appointment of advisers increases the likelihood of the transaction getting completed, potentially in the next 6-12 months.”
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