Monday 30, June 2008 by Mike Gallagher
Qtel rights issue oversubscribed by 2.2 times
Shareholders have bought up nearly $3.5 billion of Qtel’s stock after the company recently issued 36.6 million shares. The subscription ran for 12 days between 8 and 19 June. The stock was open to company shareholders that were registered on the Bahrain Stock Exchange, ADX in Abu Dhabi and the Doha Securities Market (DSM). The shares were allotted to subscribers in the ratio of one share for every three shares held as declared in the rights issue’s terms and conditions, Qtel said in a regulatory filing on the DSM website. The shares were priced at QR160 ($43.9).
