Aabar gets nod to convert to private joint stock firm
Abu Dhabi, August 16, 2010
Abu Dhabi's Aabar Investments, the largest shareholder in German automaker Daimler, said shareholders have approved its conversion to a private joint stock company and subsequent delisting.
Share capital for the new company was set at 4.04 billion dirhams ($1.10 billion), with a nominal value of one dirham per share, Aabar said in a statement on the Abu Dhabi bourse website on Monday.
The sovereign wealth fund posted a second-quarter loss of 1.38 billion dirhams ($375.6 million) due to a surge in derivatives liabilities, according to Reuters calculations.
The state-owned firm said on Sunday it made a net profit of 202 million dirhams for the first half of the year.
The delisting, set to take effect on September 1 according to The National newspaper, would make Aabar the local firm to delist from the Abu Dhabi bourse.
Aabar's portfolio includes stakes in Italian banking giant UniCredit and Virgin Group's space travel unit Galactic. International Petroleum Investment Corporation, or IPIC, wholly owned by the government of Abu Dhabi, is the majority shareholder in Aabar. -Reuters
More Finance & Capital Market Stories
- Oman 'must consider fiscal reforms as priority'
- Qatar Exchange to start trading govt bonds
- NBK opens new branch in UAE
- Dubai utility repays $871m Islamic bond
- Investcorp buys stake in Saudi energy firm
- Tunisia to spend over $1bn to recapitalise banks
- UAE revives proposal to merge stock exchanges
- Saudi non oil exports hit $4.74bn in April
- Global Takaful market to hit $20bn
- NBAD launches new Dubai branch