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Etisalat gains, subscribes rights issues in Qatar Telecom

The ADX General Index slipped 0.06% to close at 2,455.31 points as the leading real estate developers Aldar, Sorou and RAK Properties closed unchanged. Earlier in the day, Aldar announced that "HE Mubarak Saeed Al Dhaheri, the Undersecretary of the Ministry of Labour, today officially inaugurated phase one of the new operative village, a 75,000 SQM development, in Al Ain created by Aldar to support ongoing development in Al Ain and improve the quality of labour accommodation." The UAE's first telecom operator Etislat advanced 0.23% to reach Dhs8.79. Earlier in the day, Etisalat, which owns 1% in Qatar Telcom or Qtel since 1998, it has subscribed to the Qtel's rights issue at QR75 per share, based on Qtel's EGA held on March 25 2012, when a rights issue of 30% was completed. "On Thursday May 24 2012, Etisalat subscribed to the rights issue of Qtel at QR75 per share in return for a total consideration of Dhs69m," the telco firm said in a statement to the ADX. The closing price of Qtel shares, which are listed at the Qatar Exchange, was QR114 as of May 24.