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The 6.9km stretch that normally takes 4 minutes to cross, is now taking motorists on the route up to 35 minutes
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Aabar to issue Dh7.35b convertible bonds to IPIC
ABU DHABI — Aabar Investments PJSC, the largest shareholder in Daimler AG, plans to sell Dh7.35 billion in convertible bonds to the International Petroleum Investment Company, or IPIC.
The Abu Dhabi government-controlled company announced it will seek shareholders’ approval on April 29 at an extraordinary general meeting, to issue the bonds that will be converted at Dh2.5 a share.
Proceeds from the bond sale will be used for general “corporate purposes,” the company said on Sunday, in a regulatory filing to the Abu Dhabi Securities Exchange.
IPIC, the Abu Dhabi government-owned energy investor, owns a 71 per cent stake in Aabar after converting Dh6.68 billion of bonds on April 7 last year, when it excercised its right to convert all mandatory convertible bonds into 2.228 billion new ordinary shares.
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