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Tue 22 Jun 2010 10:37 AM

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Du successfully completes $272m rights issue

Trading of the new shares is expected to start on or around June 27 - statement.

Du successfully completes $272m rights issue
RIGHT ISSUE: Trading of the new shares is expected to start on or around June 27.

Dubai telco du said on Tuesday that it had successfully completed a rights issue that raised AED1bn ($272m).

The company said the issue was oversubscribed by shareholders with a total of 571,428,571 new shares taken up by shareholders.

Trading of the new shares is expected to start on or around June 27, the company said in a statement.

Ahmad Bin Byat, chairman of du, said: “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.”

Osman Sultan, CEO of du, added: “We are very pleased with the take-up of the rights issue and the extent of the support we have received from our shareholders. Our focus remains on delivering on our plans to become the UAE’s preferred integrated telecommunications provider.”

The company said the capital raised will be deployed to "transform the company from a high growth early stage venture to a more mature company with efficient management of future funding requirements".

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