Posted September 19, 2019 06:25:04Quebec’s $1.3-billion government bailout of Quebecor will help bolster Quebec’s telecom industry and boost revenues for Ontario, the province’s government said Thursday.
Quebecor shares rose 5.8% in afternoon trading on the Nasdaq after Quebecor said it will receive an additional $1 billion from the bailout.
Queensland will also get a $1-billion loan from the European Union, which has been critical of Quebec’s austerity measures and a lack of transparency.
Queernet, a private telecom operator that is part of QuebecOR, said in a statement that it will be able to hire 1,400 employees and will invest $3 billion over the next 10 years in the Quebecor business.
The investment in the provincial telecommunications industry will help Quebec become competitive with Ontario, where its share of the population is 6.3% compared to 9.4% for Ontario.
Queenotron shares rose 7.4%, or 6.7%, to close at $5.96.