FINANCIAL NEWS

Qatar Telecom secures USD1.87b through rights issue

29 May 2012

(MENAFN) Qatar Telecom (Qtel) secured USD1.87 billion through fully subscribed rights issue in London Stock Exchange, Reuters reported.

The telecoms operator said that it will use the capital for general corporate purposes and to refinance existing debt.

Qtel confirmed last month that it had no refinancing needs and would pay back maturing debt using its own cash, following reports it was seeking a USD2 billion loan to help refinance a USD3 billion debt due in October.

The company said in its first quarter financial statement that it has USD5.68 billion cash and cash equivalents at the end of March.

Qtel reported USD195.3 million net profit for the first quarter of 2012, a 12 percent drop from a year earlier, nevertheless beat analysts’ expectations.

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