Aabar to issue $2bn bonds to IPIC
Abu Dhabi, April 4, 2010
Aabar Investments, which has stakes in Daimler and Virgin Galactic, said its planned $2 billion convertible bonds sale will be made to International Petroleum Investment Co (IPIC).
IPIC, wholly-owned by the government of Abu Dhabi, is the majority shareholder in Abu Dhabi-listed Aabar. No date has been set for the conversion, Aabar said in a statement on Sunday.
In a regulatory filing on Thursday, Aabar said it was mulling convertible bonds worth up to 7.35 billion dirhams at a conversion price of 2.5 dirhams per share.
The bonds are being issued for general corporate purposes, the statement said.
Aabar's assets have grown over 11 times in value as total assets increased from 3.2 billion dirhams in 2008 to 37.3 billion UAE dirhams ($10.16 billion) in 2009. - Reuters