Axiom Limited sells 35 per cent stake to Mannai Corporation

Axiom Limited, a Dubai International Financial Centre registered entity and holding company of Axiom Telecom, the mobile distributor today announced that it has successfully closed a private placement deal to sell a 35 per cent stake in the company to Mannai Corporation. Axiom Telecom is the Middle East’s leading multi-brand, multi-channel distributor of mobile telecommunication handsets, accessories and telecom services.

Axiom Telecom founder and CEO, Faisal Al Bannai said the capital increase will aid the company’s plans of further growth and expansion and boost its dominance in the region and beyond. “We are happy to welcome our new shareholder Mannai Corporation and feel confident that with the support of all the shareholders, we can take the company to the next level,” he said.

Mannai Corporation is a publicly listed company on the Qatar Exchange employing over 3,300 people.

Mannai Corporation’s diverse range of business areas include automotive distribution and service, information and communication technology, engineering services to the oil and gas sector, home appliances & electronics, travel services, logistics, geotechnical and geological services, facilities management, trading and commercial representation.

Last December Axiom Limited cancelled its proposed IPO, having been set to offer institutional investors about US$100 million in shares, although the size of the issue had steadily fallen from more optimistic plans announced earlier in the year. The company had originally looked to IPO up to 35 per cent of the stock.