Du, the phone company also known as Emirates Integrated Telecommunications Co., said its shareholders approved a plan to raise 1 billion dirhams ($272 million) by selling 571.4 million shares at 1.75 dirhams each.
The rights share offer would be implemented within three months and would increase the company’s capital to 4.57 billion dirhams from 4 billion dirhams, Du said in a statement to Dubai bourse today.
Du said earlier today first-quarter profit rose fourfold as it gained subscribers and introduced new products. Net income climbed to 97 million dirhams from 23.4 million dirhams.END
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