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IPIC seeks Aabar stake
- United Arab Emirates: Tuesday, September 02 - 2008 at 11:23
International Petroleum Investment Company will buy Dhs6.684bn worth of mandatory convertible bonds issued by Aabar Investments, to take a majority ownership in the company upon their maturity, an announcement said. The Bond will be convertible into 2,228,000,000 new ordinary shares in the Company at a conversion price of Dhs3.00 per share. Upon full conversion of the Bond, IPIC will hold a majority ownership interest in the common stock of Aabar and the Bond will not be redeemable for cash.
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Jeff Florian, Senior ReporterTuesday, September 02 - 2008 at 11:23 UAE local time (GMT+4)
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