ID :
46400
Thu, 02/19/2009 - 16:02
Auther :
Shortlink :
https://oananews.org//node/46400
The shortlink copeid
IPIC planning to increase equity stake in Aabar
Abu Dhabi, Feb 19, 2009 (WAM) - Abu Dhabi-listed Aabar Investment said that state-owned International Petroleum Investment Company (IPIC) is converting Dh1.5 billion of bonds into shares, giving it a 36 per cent stake in Aabar according to a report in “Gulf News.”
"IPIC will attain 500 million new ordinary shares in Aabar, representing approximately 36 per cent of the enlarged share capital of Aabar," Aabar revealed in a statement on the planned equity move.
In September, IPIC said it planned to take a majority stake in Aabar through buying Dh6.684 billion worth of convertible bonds to help the firm invest in sectors across the region, including in energy.
IPIC, which is expanding in the international oil and gas sectors, has investments in oil and gas related assets for the Abu Dhabi government, which controls more than 90 per cent of the oil reserves in the United Arab Emirates, the world's third-largest oil exporter.
"IPIC will attain 500 million new ordinary shares in Aabar, representing approximately 36 per cent of the enlarged share capital of Aabar," Aabar revealed in a statement on the planned equity move.
In September, IPIC said it planned to take a majority stake in Aabar through buying Dh6.684 billion worth of convertible bonds to help the firm invest in sectors across the region, including in energy.
IPIC, which is expanding in the international oil and gas sectors, has investments in oil and gas related assets for the Abu Dhabi government, which controls more than 90 per cent of the oil reserves in the United Arab Emirates, the world's third-largest oil exporter.
