Axiom sells 35% share to Mannai

17/06/2011 - Dubai Investment News Posted by Neil King
Axiom sells 35% share to Mannai

Axiom Telecom, one of the leading players in the UAE's telecommunications market, has offloaded a large number of its shares to a Qatari rival.The firm has agreed to sell a 35 per cent stake to the Mannai Corporation after deciding against a listing on the London stock exchange, Reuters reported.Axiom chief executive Faisal al-Bannai told the news provider: "We have covered all our financial requirements through this deal, but maybe there will be other opportunities to look at later on."Some money will go to the company and some to the shareholders."In other news, the Abu Dhabi Islamic Bank has launched a new product, aimed at meeting the needs of its more affluent customers.Tirad Mahmoud, chief executive officer of ADIB, explained that the new service, entitled Gold Priority Banking, will offer the bank's customers exclusive rewards and a wide range of products, services and lifestyle benefits.