UAE-based telecom operator Du has completed a rights issue, which was oversubscribed by public shareholders

UAE-based telecom operator Du has completed a rights issue, which was oversubscribed by public shareholders. The company managed to raise $272 million, which will be used to finance its 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 Telecom Investment). Following an initial public offer in April 2006, the remaining 20 per cent was purchased by private Emirati investors.