Aldar to sell assets, issue bonds

11 Jan 2011

(MENAFN) Aldar Properties of Abu Dhabi stated that the company might get rid of some of its assets and issue more bonds while the government is acquiring a larger stake in the developer, reported Arabian Business.

Aldar also stated that later this month its board of directors would hold a meeting to talk about proposals the company received before the shareholder vote. One of the things the board would work on is the conversion into shares of existing convertible bonds previously issued to state-run investment firm Mubadala.

It is worth noting that Aldar was established back in 2004 to boost real estate growth in Abu Dhabi. The company led the development of huge projects such as al-Raha beachfront community and the Yas Island project.

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