Mubadala boosts Aldar capital by 10%
- United Arab Emirates: Wednesday, February 20 - 2013 at 06:29
Abu Dhabi-based Aldar Properties, which plans to merge with Sorouh Real Estate, has said its largest shareholder Mubadala has converted bonds in the company to shares, boosting its capital by nearly 10%, Reuters has reported. State-owned investment fund Mubadala converted the bonds at a price of Dhs1.75 per share, resulting in an increase in capital to Dhs4.48bn ($1.22bn) from Dhs4.085bn earlier, Aldar said. Meanwhile, a report by Bloomberg said that Sorouh is unlikely to meet quorum at an extraordinary general meeting scheduled for February 21 to vote on the merger with Aldar. Sorouh will most likely achieve the required headcount at a March 3 meeting, the report said, citing a person familiar with the matter said.
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