Aabar writes down Glencore share
- United Arab Emirates: Saturday, November 17 - 2012 at 00:38
Abu Dhabi's Aabar Investments, a top shareholder in Glencore, has written off more $392m of its $1bn investment in the commodities trader, less than two years after taking part in its record listing, Reuters has reported. The write-down by Aabar, a unit of Abu Dhabi's state-owned International Petroleum Investment Co (IPIC), comes as Glencore moves into the final stages of its long-awaited takeover of miner Xstrata, in which it is already the largest shareholder. According to financial statements filed by IPIC on Thursday, Aabar, which owns 1.4% of Glencore, has recognised an impairment loss of $392m. It gave no further details.
- Saudia to stop Jeddah-Kano service
- Oman Air first GCC carrier to order B737-900ER...
- Atlantis seeking $850m loan
- GAMES to take place from September 26 till 28...
- Investment Dar seeking 50% debt cut
- Al Sufouh tram project on track to open in...
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by Mediaquest FZ LLC and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
Mediaquest FZ LLC can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of Mediaquest FZ LLC.
In no event shall Mediaquest FZ LLC be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.