Axiom Limited, a Dubai International Financial Centre registered entity and holding company of Axiom Telecom LLC (‘Axiom Telecom’), today announced that it has successfully closed a private placement deal to sell a 35% 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.
Commenting on the announcement, Faisal Al Bannai, Chief Executive Officer of Axiom Telecom, said: “This is another milestone in Axiom’s journey, and a strong sign of confidence in the value that Axiom has built over the years. This also demonstrates the trust that our shareholders place in the strength and long term vision of the company, even after we turned down a fully subscribed IPO last year due to price. Many questioned the decision then and the potential impact on the company’s image. However our shareholders supported us and we knew that if the company maintains its momentum, we will continue to have investor’s interest.
We were able to demonstrate strong results in 2011 despite not raising the capital in 2010. This additionally gave us the ability to attract the right investors and sell shares at a price higher than the IPO.
This capital increase will aid our plans of further growth and expansion and boost our 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. We have proved this in the past; our track record speaks for itself.”