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Sun 27 Mar 2011 08:55 PM

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Qtel looks to restructure debt in H1, says chairman

Qatar's largest firm announces plan at annual meeting, CEO says telco isn't refinancing any debt

Qtel looks to restructure debt in H1, says chairman

Qatar Telecom (Qtel), the Gulf state’s largest company in revenue, will
restructure debt in the first half this year, chairman Sheikh Abdullah
Bin Mohammed Al Thani said.

“In the
first half of the year, we are just restructuring our debt,” al Thani
said at the company’s general assembly meeting in Doha on Sunday.
Qtel isn’t refinancing any debt, CEO Nasser Marafih
said.

The company
sold $1.25bn of six- and 15-year debt denominated in US dollars in
October last year and closed a $2 billion credit facility in May.

“We were
studying all the time our bonds and whenever we think our debt is high,
then we can take action,” al Thani said. “But for the time being we
think we are OK. Our bonds have a very low interest.”

Qtel shares,
down 6 percent this year, rose 0.5 percent to QR168 riyals on the Qatar
Exchange on March 24. Trading of the shares was suspended on Sunday because
of the general assembly meeting.

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