Business | Property
Aldar to sell $970m bonds to Mubadala
Abu Dhabi developer Aldar Properties said yesterday it would sell Dh3.56 billion ($969.5 million) in convertible bonds to state-controlled investment firm Mubadala Development Co.
- Reuters
- Published: 00:45 April 25, 2008
Abu Dhabi: Abu Dhabi developer Aldar Properties said yesterday it would sell Dh3.56 billion ($969.5 million) in convertible bonds to state-controlled investment firm Mubadala Development Co.
The property firm, with about $65 billion worth of projects in the pipeline, has been raising funds as it spearheads the Abu Dhabi government's drive to develop residential and leisure districts for the world's fifth-largest oil exporter.
The bonds it sells to Mubadala - which owns 14.82 per cent of Aldar -would be convertible into its shares at the average trading price of the stock in the three days prior to the bonds being issued, Aldar said in a statement on the bourse website.
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