IPO for Dubai-linked Tunisie Telecom suspended

State-owned telco puts offering on hold amid ongoing political instability in Arab country
IPO for Dubai-linked Tunisie Telecom suspended
IPO LAUNCH: Final decision would be taken in consultation with Tunisias partners over whether to go ahead with the IPO (Getty Images)
By Shane McGinley
Sat 05 Feb 2011 11:07 AM

Tunisie Telecom, the telecoms giant part-owned by Tecom Investment subsidiary Emirates International Telecommunications, has suspended plans to launch an initial public offering (IPO).

Secretary of state for communication technologies Sami Zaoui said a final decision would be taken in consultation with Tunisia's partners within days over whether to go ahead with the IPO.

Tunisia's government holds a 65 percent stake in Tunisie Telecom, with the rest held by Tecom Investments through EIT.

The telco had planned to list on both Tunis and Paris stock exchanges in what would have been the first offering by a Tunisian company on a European bourse.

Tunisia has had two changes of government since former president Zine al-Abdine Ben Ali was driven out by popular revolt on January 14.

Many officials have been replaced, leaving plans for the IPO in limbo.

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