Abu Dhabi: Aabar Investments, the largest shareholder in German luxury carmaker Daimler, on Tuesday said it would seek regulator approval to delist its shares from the Abu Dhabi stock exchange on September 8.
In a statement posted on the Abu Dhabi bourse website, Aabar said it has sought the Emirates Securities and Commodities Authority approval to delist, and that it has received government approval to convert into a private joint stock company.
Abu Dhabi government-owned International Petroleum Investment Co (Ipic), Aabar's majority shareholder, bought minority shareholders for Dh1.95 a share to take the company private. Shareholders who chose not to sell their shares will stay on as investors.
At a shareholder meeting earlier this month, Aabar's chairman Khadem Al Qubaisi said that an underrated and volatile share price was one of the main reasons to take the company private.
Aabar listed shares on the Abu Dhabi exchange in November 2005, and evolved into a diversified investor for IPIC.