Axiom Telecom remains keen on IPO

Company "always scanning the market" and keen to list shares in the long term
Faisal Al Bannai, CEO, Axiom Telecom.
Faisal Al Bannai, CEO, Axiom Telecom.

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Axiom Telecom, a UAE-based mobile phone retailer and distributor, remains keen on staging an IPO in the long term, according to Faisal Al Bannai, the company’s CEO.

While Axiom’s short to medium term capital needs were covered by a capital increase with Qatar’s Mannai Corp in 2011, Al Bannai said that the company is “always scanning the market” and would be ready to go public if its shareholders wanted to.

“Long term we would absolutely like to stage an IPO,” Al Bannai said. “At the end of the day the shareholders are investing in any company to make a return, which can come in many forms; you can go public, sell to someone else, or just survive on your dividend, I guess it all depends on where we are at a certain point in time and what’s required and at the same time.”

Axiom aborted a plan to stage an IPO on NASDAQ Dubai back in December 2010 owing to market concerns. But for a potential future listing, the company would also consider other markets, according to Al Bannai.

“For now it would all depend on how the different markets look when we make a decision,” he said. “At a certain point Dubai market looks interesting, at another point Saudi market looks interesting and London market looks interesting. It depends what is going on. As we get closer to Expo 2020, it could be that the Dubai market is going through a super boom, and maybe Dubai market is the most interesting.”

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