Du rights issue oversubscribed

Dubai: Emirates Integrated Telecommunications Company, or du, announced yesterday the successful completion of the subscription period for the company's previously announced rights issue.

The founding shareholders have taken up their rights in full, and other shareholders have oversubscribed for their portion of the rights issue, the company said.

More than 571 million new shares were offered to and taken up by qualifying shareholders on a pro rata basis. Du's shares in issue have now increased to more than 4.57 billion. Trading of the new shares is expected to commence on or around June 27. The new shares will rank equally with the existing shares.

Commenting on the results of the rights issue, Ahmad Bin Byat, chairman of du, said: "I would like to thank the shareholders for their considerable support of our capital-raising programme. The rights issue was a strategic move for du, and seeing the solid support from our shareholders is the best feedback we could have received. This additional capital will underpin the next stage of du's growth."

Othman Sultan, chief executive officer of du, added: "Our focus remains on delivering on our plans to become the UAE's preferred integrated telecommunications provider."