Two elephants also drowned in rapidly rising flood waters in north of popular tourist hotspot Chiang Mai
asia2 hours ago
The Ministry of Economy has allowed the investment firm to amend its Articles of Association, the company said in a regulatory statement to the Abu Dhabi Securities Exchange.
“They (Aabar) have a lot of convertible bonds issued to International Petroleum Investment Company (IPIC). They must have some schedule as to how they do the conversion,” said Al Mal Capital analyst Deepak Tolani.
In April, Aabar said it planned to issue convertible bonds worth Dh7.346 billion to IPIC, its Abu Dhabi-government owned majority investor. Last year, it issued Dh6.6 billion convertible bonds to IPIC of which Dh2.2 billion were converted.
In March, Aabar said its assets had grown to $10 billion from $625 million prior to its acquisition by IPIC.
Last Thrusday, the company’s board met to consider refinancing opportunities for existing debt and new investment opportunities. However, no decision was announced.
In May, Aabar raised $800 million in a three-year club loan to shore up finances for expansion in the year ahead, and meet its refinancing requirements.
According to an analyst, Aabar has nearly Dh8 billion in term loans scheduled to mature in 2010 so they are facing significant refinancing pressure.
Aabar has three loans due this year, including a Dh1.22 billion loan used to finance the purchase of a stake in Banco Santander (Brasil) SA, and a $1.6 billion short-term loan for investment financing, the company’s 2009 financial statement showed.
The firm’s board on May 8 agreed to sell Dh1.5 billion of convertible bonds to IPIC at a conversion price of Dh2.5 per share, after the shareholders on April 29 allowed to issue Dh7.35 billion worth convertible debt for “general corporate purposes.”
Aabar Investments has earned a net profit of Dh1.579 billion in the first quarter of the year ag ainst losses last year. The profits were boosted by the windfall gains from derivatives and exchange rates.
Two elephants also drowned in rapidly rising flood waters in north of popular tourist hotspot Chiang Mai
asia2 hours ago
All eyes are on the mayoral vote in Sao Paulo where three candidates are running neck and neck, setting the stage for a second-round runoff on October 27
americas2 hours ago
Family credit in Arab countries accounted for 38% of total private sector credit at the end of 2023
finance2 hours ago
Ian McConville was summoned for his country's repeated bias, including on Iran's response to what it called 'the Zionist regime,' meaning Israel
mena2 hours ago
Project is already 60% complete
realty2 hours ago
Polls have the Republican and Democrat candidates neck and neck, fuelling a high-cost scramble for each and every wavering voter in the seven key states
americas2 hours ago
Trump, who lost to Biden in 2020 and falsely claimed the elections were unfair, faces Harris in the November 5 elections
americas2 hours ago
This comes after the President earlier ordered an urgent relief aid package worth $100 million
uae3 hours ago