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Under the terms of the transaction, 100% of the issued shares in Pearl have been transferred to the Mubadala group.
The transfer is for a debt free cash adjusted value of approximately $833.3m (subject to working capital adjustments).
The transaction was approved by shareholders of Aabar at an Extraordinary General Meeting (EGM) on 9 March 2008 and by Sukuk certificate holders at a further EGM held on 9 April 2008.
Aabar completes sale of upstream oil unit Pearl Energy
Following the earlier announcement of 21 April 2008, Aabar Energy PJSC (Aabar) announces that it has completed the sale of its wholly owned exploration and production subsidiary Pearl Energy Limited (Pearl) to Mubadala Development Company PJSC (Mubadala).
- United Arab Emirates: Wednesday, May 21 - 2008 at 12:19
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Aabar is headquartered in Abu Dhabi and is a public joint stock company listed on the Abu Dhabi Securities Market.Singapore-headquartered Pearl holds participating interest in 21 contract areas in Indonesia, Thailand, the Philippines and Vietnam and had a net production of approximately 19,000 barrels of oil per day at the end of 2007.
For more information, please contact:
Mohamed Badawy Al-Husseiny
Chief Financial Officer
+971 2 626 4466
Posted by Lara Lynn Golden, News EditorWednesday, May 21 - 2008 at 12:19 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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