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.

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By Staff Report

Published: Mon 5 Apr 2010, 11:43 PM

Last updated: Mon 6 Apr 2015, 4:44 PM

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.

· haseeb@khaleejtimes.com

Staff Report

Published: Mon 5 Apr 2010, 11:43 PM

Last updated: Mon 6 Apr 2015, 4:44 PM

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