Qatar Mannai Corp buys 49 percent share in Axiom Telecom

26 Jun 2011

(MENAFN) Dubai Holding’s subsidiary, Emirates International Telecommunications LLC (EIT), sold an additional 14 percent share in Axiom Telecom to Qatar Mannai Corp to give the company a 49 percent share, Reuters reported.

Last week, EIT sold a 35 percent share in Dubai-based Axiom to Manai Corp, a Qatari company involved in the technology, engineering, and retail sectors.

EIT, which also holds a 35 percent stake in Tunisie Telecom, will retain a 26 percent share in Axiom, EIT CEO Deepak Padmanabham said.

Axiom canceled an initial public offering on the Nasdaq Dubai where it had planned to offer up 30 percent of shares originally scheduled for 2010.

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