UAE-based telecom operator Du has completed a rights issue, raising $272 million. The rights issue was oversubscribed by public shareholders and will be used to finance the operator’s growth plans. Du is 80 per cent owned by its founder shareholders (40 per cent by the Ministry of Finance and 20 per cent each by the Abu Dhabi Mubadala Development Company and Tecom Investment). The remaining 20 per cent was purchased by private Emirati investors following an IPO in April 2006.
