TECOM Investment acquires stake in Axiom Telecom
TECOM has acquired a 40% share of the telecoms retailer, however Axiom Telecom will continue with its current management and operate independently, TECOM officials said.
The investment has been made as part of TECOM?s strategic objective to tap into high-growth sectors and to create synergies for future technology projects.
TECOM plans to work closely with Axiom Telecom to extend the presence of this highly successful business in the region and beyond.
Axiom Telecom is the largest and leading authorised distributor and retailer for international brands such as Nokia, Sony Ericsson, Motorola, Siemens, Thuraya and i-mate.
In addition, the company, under the management of its different business units, is a service provider for Thuraya Satellite Company providing one of the telecommunications biggest airtime generators.
Axiom has a network of 363 retail points of presence in the Middle East and announced revenues of AED 2.5 billion in 2004.
?TECOM?s strategic objective is to diversify its business interests by investing in high-growth technology sectors. Axiom Telecom is one of the UAE?s fastest growing companies and we look forward to a long and fruitful relationship with Axiom Telecom,? said Ahmad bin Byat, Chief Executive Officer of TECOM Investments.
?This tie up will ignite regional and international growth for Axiom,? said Faisal Al Bannai, CEO Axiom Telecom. ?It adds major value for Axiom to be a part of TECOM and its management company Dubai Holding. The relationship will enable Axiom to further accelerate its expansion plans and strengthen its market position using TECOM?s parent company Dubai Holding?s vast infrastructure which has interests in sectors such as ICT, media, tourism and more.? WAM/TF 13 58 CCCCQQE