EIT aims to conclude Tunisie Telecom, Axiom stake sale in next few months
Emirates International Telecoms (EIT), a unit of Dubai Holding, is seeking to sell its 35% stake in Tunisia’s state-owned Tunisie Telecom and 26% stake in Dubai-based mobile phone retailer Axiom Telecom, Reuters has reported. The sale of the stakes could be concluded in the next few months, said EIT chief executive, Deepak Padmanabhan. J P Morgan Chase estimates the sales of the minority stakes could generate $1bn in total. “The process (Tunisian sale) is still going on. Given the current political climate it would be a few months … The government has been so far supportive but it is the overall political climate that is the challenge,” he told reporters on the sidelines of a conference in Abu Dhabi. For the Axiom Telecom sale, “the process is on, it will take a couple of months,” he said.