Qatar Telecom (Qtel) has announced the results of its QR6.8bn (US$1.9bn) rights issue, saying it was fully subscribed.
The Qatari incumbent offered the new shares to existing shareholders registered with the Qatar and Abu Dhabi exchanges on a…
Qatar Telecom (Qtel) has announced the results of its QR6.8bn (US$1.9bn) rights issue, saying it was fully subscribed.
The Qatari incumbent offered the new shares to existing shareholders registered with the Qatar and Abu Dhabi exchanges on a two-for-five basis, according to a company statement.
Eligible shareholders had the right to subscribe for 40% of shares held – 91.52 million in total – at a price of QR75 (US$20.60) per share.
Qtel said subscribed new shares will be added to shareholders’ accounts by 31 May, pending regulatory approvals.
The proceeds will be used for general corporate purposes, including the refinancing of existing debt.
Qatar National Bank acted as the sole issuing manager for the issue via its domestic branches and UAE affiliate Commercial Bank International.
Earlier this year, Qtel revealed its new strategy, saying it aims to be among the top 20 telcos in the world by 2020.
Group CEO Nasser Marafih recently told TelecomFinance the company plans to grow organically, via acquisitions and stake increases in existing holdings.
