Aldar to issue $762m convertible bonds to Mubadala

20 Jan 2011

(MENAFN) Abu Dhabi-based Aldar Properties Chief Financial Officer, Shafqat Malik, said that the company would issue $762 million convertible bonds to Mubadala Development Company immediately after approval by the extraordinary general meeting under Aldar’s plans to issue convertible bonds worth $953 billion, reported Gulf News.

The CFO said that Mubadala will carry a coupon of four per cent per year for the bonds.

The CFO also said that the remaining bonds would be issued within five years following the extraordinary general meeting.

The CFO added that the company would not delist its shares from the Abu Dhabi Securities Exchange (ADX).

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