ID :
189617
Sun, 06/19/2011 - 14:55
Auther :
Shortlink :
https://oananews.org//node/189617
The shortlink copeid
Mannai Corporation Acquires 35% Stake in Axiom Limited
Doha, June 19 (QNA) - Mannai Corporation announced Sunday that it has acquired a 35% shareholding interest in Axiom Limited, the UAE-based largest pan GCC mobile handset retailer and distributor that trades under the Axiom Telecom brand.
Commenting on the occasion, Chief Executive Officer of Mannai Corporation Alekh Grewal said that the acquisition by Mannai of a significant stake in Axiom reflects the company's growth strategy as it seeks to expand into selected regional markets.
He added that Mannai acquisition in Axiom Limited also builds upon the successful acquisition in 2010 of a significant stake in (UtilNet), a Jordanian IT company.
The investment in Axiom not only brings to Mannai Corporation the strategic advantage of joining a market leading presence in the countries where Axiom operates, it also enhances Mannai s strategy of constantly diversifying its business portfolio, a key factor of a long history of successful expansion, he noted.
For his part, Chief Executive Officer of Axiom Telecom Faisal Al Bannai said the deal shows the confidence of Mannai in the business model and vision of Axiom and the ability of its management to continue to create shareholder value.
Axiom Telecom is the largest primary authorised retailer and distributor of leading international brands of mobile phones in the GCC region and is a strategic partner of du and Mobily, leading mobile operators in the UAE and KSA respectively.
Axiom currently has over 900 stores and over 3,200 points of sale in the UAE, KSA, Bahrain, Qatar and Kuwait and India. The Axiom group also has strategic interests in associated companies operating in the Indian and South African mobile phone retail markets.
The Mannai Corporation offers the broadest range of products and services of all private sector companies in Qatar. The company is broadly divided into two key activities, Trade and Services. With businesses spanning the oil and gas sector, automotive distribution, information and communication technology, consumer products, travel services, logistics and representation, the company provides a large spectrum of services and solutions to a fast-growing client base.
Mannai celebrated its 50th Anniversary in 2000 as the largest private industrial and trading company in Qatar. In August 2007 Mannai Corporation became a Public Company and its shares were listed on the Qatar Exchange. (QNA)
Commenting on the occasion, Chief Executive Officer of Mannai Corporation Alekh Grewal said that the acquisition by Mannai of a significant stake in Axiom reflects the company's growth strategy as it seeks to expand into selected regional markets.
He added that Mannai acquisition in Axiom Limited also builds upon the successful acquisition in 2010 of a significant stake in (UtilNet), a Jordanian IT company.
The investment in Axiom not only brings to Mannai Corporation the strategic advantage of joining a market leading presence in the countries where Axiom operates, it also enhances Mannai s strategy of constantly diversifying its business portfolio, a key factor of a long history of successful expansion, he noted.
For his part, Chief Executive Officer of Axiom Telecom Faisal Al Bannai said the deal shows the confidence of Mannai in the business model and vision of Axiom and the ability of its management to continue to create shareholder value.
Axiom Telecom is the largest primary authorised retailer and distributor of leading international brands of mobile phones in the GCC region and is a strategic partner of du and Mobily, leading mobile operators in the UAE and KSA respectively.
Axiom currently has over 900 stores and over 3,200 points of sale in the UAE, KSA, Bahrain, Qatar and Kuwait and India. The Axiom group also has strategic interests in associated companies operating in the Indian and South African mobile phone retail markets.
The Mannai Corporation offers the broadest range of products and services of all private sector companies in Qatar. The company is broadly divided into two key activities, Trade and Services. With businesses spanning the oil and gas sector, automotive distribution, information and communication technology, consumer products, travel services, logistics and representation, the company provides a large spectrum of services and solutions to a fast-growing client base.
Mannai celebrated its 50th Anniversary in 2000 as the largest private industrial and trading company in Qatar. In August 2007 Mannai Corporation became a Public Company and its shares were listed on the Qatar Exchange. (QNA)
