The potential sale in Tunisia was confirmed on Friday by the Tunisian government, with Reuters reporting EIT have been frustrated with events since the uprising in February 2011.
There had been plans for Tunisie Telecom to list on the Tunis and Paris stock exchanges that year, but it never materialised after workers threatened industrial action.
Since news broke of EIT’s plans on Friday, it has since emerged they have appointed Citigroup to advise on a potential sale of its 26 per cent stake in the global mobile retailer Axion Telecom, which is present in the Middle East and the United Kingdom.
Faisal Al Bannai, Axiom’s chief executive, said: “As a company we're always studying what are the best options to capture value for shareholders. These options include an IPO or a private sale.”
An EIT spokesperson said: “Like any investment company, EIT is always evaluating exit options that are in line with its investment strategy.
"EIT continues to be committed to investing within the communications sector and to actively managing its portfolio companies to drive value creation."
Tunisia has a population of 10.5 million people and mobile penetration is at 95 per cent. Tunisie Telecom has more than four million mobile subscribers and one million fixed-line subscribers.