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IPIC lends Aabar $2 billion says document

Dubai, October 18, 2011

Abu Dhabi's International Petroleum Investment Co (IPIC) gave a 7.3 billion dirhams ($2 billion) interest-free loan to its unit Aabar in September, an updated prospectus for the state-owned fund's bond programme showed.

IPIC itself raised the funds as an unsecured conventional loan paying an interest rate over EIBOR, the prospectus showed.

Aabar bought Abu Dhabi Commercial Bank's 25 percent stake in Malaysian group RHB Capital earlier this year. Sources told Reuters this month that Aabar would get a $1.9 billion loan through its parent IPIC from ADCB to pay for the deal.

The prospectus also showed that Aabar has raised its stake in Virgin Galactic to 37.8 percent from 31.8 percent after investing a further $110 million in the company.

IPIC, which has a mandate to invest in the energy sector, made a profit of $1.16 billion for the six months to June 30.
Its revenues in the same period totalled $8.63 billion. Total debt was $31.8 billion. - Reuters




Tags: abu dhabi | Aabar | IPIC | ADCB |

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