Tuesday, May 29, 2012
(This story was originally published Monday.)
DUBAI (Zawya Dow Jones)--Qatar Telecom Q.S.C. (QTEL.DO) said Monday its 6.8 billion Qatari riyals ($1.9 billion) rights issue has been fully subscribed and it will use part of the proceeds to refinance existing debt.
"The subscribed new shares will be added to shareholder accounts by May 31, pending regulatory approvals," Qatar Telecom, better known as Qtel, said in an emailed statement.
Qatar National Bank and United Arab Emirates' Commercial Bank International were the issuing mangers for Qtel, the company said.
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 to QAR5 billion from QAR2 billion and help it fund acquisitions abroad. Qtel--which is 55% owned by the government, according to Zawya.com--is fast expanding across the region and wants to become one of the 20 biggest telcoms in the world by 2020.
Qtel shares closed down 0.9% at QAR114.
-By Shereen El Gazzar, Dow Jones Newswires; +97 1 444 61684; Shereen.elgazzar@dowjones.com; Twitter: @ZDJnews
(END) Dow Jones Newswires
29-05-12 0353GMT
