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
  • Gulf News

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.

  • Rate this article
  • Average reader rating (45 votes) 2 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Property

Gulf News
Gulf News classifieds
  5. Browse all jobs
  5. Browse all cars
  6. Browse all properties
  5. Browse all classifieds
Popular in Business
Business Editor's choice
Mortgages: there's light at the end of the tunnel
Banking

Mortgages: there's light at the end of the tunnel

UAE buyers are securing home loans again

Popular in GNTV
Popular in Pictures