Qatar Telecom Sets Subscription Dates For Rights Issue

Thursday, Apr 26, 2012

(This story was originally published Wednesday.)

DOHA (Zawya Dow Jones)--Qatar Telecom, better known as Qtel, said Wednesday that shareholders can subscribe to the company's $1.9 billion rights issue between May 13 and May 24.

The subscription period for the shareholders will run from Sunday, 13 May, ending 1300 Doha time (1000 GMT) on Thursday, 24 May 2012, it said in an emailed statement. Abu Dhabi based shareholders can subscribe through all branches of Commercial Bank International, it added.

Qtel's board approved its planned 40% rights issue in March at QAR75 per share in a move that would increase the company's authorized share capital from QAR2 billion to QAR5 billion and help it fund acquisitions abroad. Chasing a 19% stake in Iraq's Asiacell, Qtel is fast expanding across the region and wants to become one of the 20 biggest telcos by 2020.

Qatar Telecom shares closed 0.1% higher at QAR129.

-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com

(END) Dow Jones Newswires

26-04-12 0334GMT