15 Jan 2011
(MENAFN) Aldar chairman, Ahmed Ali al Sayegh, said that the company would conduct sales on its properties and would issue bonds as well under a new funding framework with the Abu Dhabi Government, reported The National.
Under the new framework, the chairman said Aldar would sell infrastructure assets on Yas Island worth $2.96 billion as well as $1.1 billion of residential units and land. He said that the company would also issue a $0.5 billion of convertible bonds to Mubadala Development.
The chariman said that this agreement would strengthen the company’s capital structure and provide it with a stable and sustainable platform so that the company would continue to capture commercial opportunities to deliver revenue to shareholders.
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