du to pursue $272m rights issue

19 Apr 2010

(MENAFN) Dubai-based telecom firm du announced that it is considering a $272.3 million rights issue, to fund some infrastructure improvements as part of its larger investment plan for this year, Reuters reported.

du, also known as Emirates Integrated Telecommunications Company, said that it plans to transform the company from a high growth early stage venture to a mature company, with efficient management of future funding requirements. The company’s board has concluded an injection of equity to be a proactive first step in achieving this plan.

The company said its major shareholders with around an 80 percent stake backed the issue and would take up their rights in full.

du has previously said it has an investment program exceeding $599 million for 2010.

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