Aabar shareholders approve sale of $2b bond

02 May 2010

(MENAFN) Aabar Investments announced that the firm’s stakeholders approved a $2 billion convertible bonds sale to International Petroleum Investment Company (IPIC), Reuters reported.

IPIC is wholly-owned by the government of Abu Dhabi and it is the majority shareholder of Aabar.

According to Aabar’s statement, the convertible bonds would be issued at the conversion price of $0.681 per share.

Abu Dhabi-listed Aabar said earlier that the bonds were being issued for general corporate purposes to fund the firm’s expansion. The firm’s assets grew over 11 times in value as total assets increased from $871 million in 2008 to $10.15 billion last year.

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