Aldar to seek shareholder approval for asset sale
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Aldar to seek shareholder approval for asset sale

Aldar to seek shareholder approval for asset sale

The board of Abu Dhabi-based developer Aldar Properties plans to seek the approval of its shareholders for the sale of "certain" assets and to issue a convertible bond, Reuters has reported. Aldar is also to consider converting debt it issued to Abu Dhabi's investment fund, Mubadala in 2008 into shares of Aldar, it said in a statement. The Abu Dhabi developer needs Dhs9.8bn ($2.7bn) by 2011 as it seeks funding to survive, Bank of America Merrill Lynch said in November.

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