Dubai Holding Sells 14% Stake

The Dubai-based mobile phone retailer gives away a chunk.

14% of the stake in Axiom Telecom was sold by Dubai Holdings as a part of the Qatar Mannai Corp’s investment in the deal. Axiom has already sold 35% of its  stocks to Mannai last week in an effort to nullify the beginning public offer in 2010. Its original plans were to sell one-thirds of its stocks on the Nasdaq Dubai Exchange.

Officials at Dubai Holding say the deal is attractive. Benefits from the company’s continuous growth will accrue to Dubai Holdings. Mannai Corp is active in several areas including retail, technology and engineering. Dubai Holding has been hit badly by the financial crisis like many other firms. But solutions are being proposed to the economic meltdown.

Extending of liabilities is one proffered nostrum. And the other one is restructuring of debt.