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Aldar gets approval for $762m bond

Abu Dhabi, February 27, 2011

Abu Dhabi's Aldar Properties said it secured shareholder approval to place its planned issue of convertible bond worth Dh2.8 billion ($762.3 million) with state-owned investment fund Mubadala.

The indebted developer was rescued by a $5.2 billion lifeline by Abu Dhabi in January and announced plans to sell properties such as the Ferrari theme park, the world's first park based on the Italian sports car and racing teams.

The shareholders approved issuing the convertible bonds to Mubadala along with other point on the agenda in an extraordinary general meeting on Sunday.

"All the resolutions have been approved, including the convertible bonds," Shafqat Malik, chief financial officer of Aldar, told Reuters by phone after the meeting on Sunday.

The meeting was postponed on Feb 20 due to the lack of a quorum. Aldar had earlier issued a Dh3.56 billion convertible bond to Mubadala that matures in November 2011.

The Abu Dhabi government owns about 31 per cent of Aldar.

Aldar, the builder of the Yas Marina Formula One circuit, reported its largest-ever quarterly loss earlier this month, taking writedowns of 11.3 billion dirhams in 2010, 10.8 billion dirhams booked in the final quarter.-Reuters




Tags: Aldar Properties | Mubadala |

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