JP Morgan says Dubai Holding can raise $1bn from telecom stake sales
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JP Morgan says Dubai Holding can raise $1bn from telecom stake sales

JP Morgan says Dubai Holding can raise $1bn from telecom stake sales

JP Morgan has said that Dubai Holding could raise almost $1bn from the sale of its minority stakes in two telecoms firms, part of a strategy by state-linked companies to sell assets to repay the emirate's debt pile, Reuters has reported. The conglomerate's unit Emirates International Telecoms (EIT) has put its 26% stake in mobile phone retailer Axiom Telecom and 35% stake in Tunisie Telecom on the block. The Tunisie Telecom stake is valued at $650m and the Axiom Telecom stake at $300m, the US investment bank said in a credit research note dated July 4.

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