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Saturday, 24 April 2010

Qatar To Get Second Supervisory Board Seat At Volkswagen

The Emirate of Qatar is set to obtain a second seat on the supervisory board of Volkswagen AG (VOW.XE) by May 3, 2011 at the latest, said Christian Wulff, the German state of Lower Saxony's head of government and a member of Volkswagen's supervisory board.

The representative can take part in supervisory board sessions as a guest until he is elected.

A seat on the supervisory board will be free by May 3, 2011 at the latest, the date for the company's annual general meeting.

Qatar, which holds a 17% stake in Volkswagen, will have one representative on the company's board for the time being.END

Qatar Telecom Secures $2 Bln Revolving Credit Facility

State-controlled Qatar Telecom, or Qtel (QTEL.DO), said Friday it secured a new $2 billion dual-tranche revolving credit facility to lower its borrowing costs.

The telecom operator's original intention was to raise up to $1.5 billion by approaching its core relationship banks, it said in a regulatory filing to the London Stock Exchange.

"But due to an extraordinary response Qtel received commitments in the amount of $2.75 billion, leading to oversubscriptions of 83%," it said.