Qtel okays 50pc cash dividend, bonus shares
Doha, March 28, 2011
Qatar Telecom (Qtel) has announced plans to distribute a cash dividend of 50 per cent of the nominal share value (QR5 per share) and bonus shares of 20 per cent of share capital (one share for every five shares) to the investors.
The announcement comes at the end of the Qtel annual general meeting which approved the recommendation of the Board of Directors on Monday.
Addressing the general assembly, Qtel chairman Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani outlined the company’s success in building solid foundations for ongoing growth both at home in Qatar and internationally, and expressed his confidence in its forward momentum.
“We are investing in the infrastructure that will develop our offering across all markets by focusing on diversification and advanced services like home and mobile broadband which will realise high value for our operations,” Sheikh Abdullah said.
“At the same time, we are enhancing and expanding our capabilities around several defining areas that show potential for growth and profits, including digital services, social media and mobility. We will continue to invest in assets and innovations that will set Qtel ahead of its competitors,” he added.
According to him, the Qtel Group delivered a number of key strategic initiatives in 2010 that had positioned the company well for growth in 2011.
"Among the key initiatives, the roll-out of a nationwide fibre network for ultraspeed Internet, achieved key project milestones, and is set for commercial launch in 2011."
"The company also signed, via Wataniya Telecom, an agreement to acquire another 25 per cent shareholding in Tunisiana raising its stake to 75 per cent. Solid growth was achieved across both mature and emerging markets throughout Qtel’s footprint," Sheikh Abdullah said.
“The benefits of our diversification strategy are evident. It has allowed Qtel to continue to enjoy solid growth as a group even during challenging global economic times within some markets. In turn, this international expansion has delivered solid returns for our stakeholders,” he added.-TradeArabia News Service