ICEC

QE20 0.13% Lower, Qtel Advances

The Qatar Exchange – QE 20 Index declined 0.13% to 8,652.87 points. Al Ahli Bank (up 2.79% at QR69.90 or $19.22) was the only lender which advanced.

Shares of the country’s first telecom provider Qatar Telecom or Qtel closed 0.10% higher at QR129.00 ($35.47).

Earlier in the day Qtel announced the details of the rights of subscription for the capital increase decided on March 25. “It shall be given to the shareholders, who are registered in the shareholder register with the Qatar Exchange (QE) and Abu Dhabi Securities Exchange (ADX) on Wednesday, 9 May 2012, at a price of QR75 ($20.62) per share (QR10 or $2.75 nominal value plus a premium of QR65 or $17.87), subject to the announced terms and conditions,” Qtel said in a statement to the Qatar Exchange.

On March 25 Qtel won approval from its shareholders to increase its authorised share capital to QR5bn or $1.37 billion. In addition, shareholders gave green light for a 40 per cent rights issue. This news has been reported by

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