Dubai – Mubasher: Virgin Mobile Middle East & Africa is reportedly considering options such as a stake or full sale in an initial public offering (IPO), Bloomberg reported, citing unnamed but informed sources as saying.

The Dubai-based company, which was formed in 2006 and offers wireless services across Saudi Arabia, Oman, Malaysia, and South Africa, is working with Evercore Inc to assess options, which may include an IPO, according to the sources.

“Discussions are at a preliminary stage and no final decisions have been made, meaning that the owners may opt to retain the business or spin it off,” they added.

The venue for the Friendi Mobile operator’s potential listing was not revealed.

In May, the wireless carrier raised $30 million through a sukuk sale. The firm’s chairman said at the time that the Islamic-bond option had been chosen “after carefully exploring appropriate funding routes in line with the company’s preparations for a potential public markets listing.”

Virgin Mobile Middle East & Africa’s shareholders include US billionaire Richard Branson’s Virgin Group, Kuwait’s Gulf Investment Corp and National Technology Enterprises Co, as well as investment firm ePlanet Ventures, Oman’s Dolphin International, among others.