Abu Dhabi may increase its stake in Aldar Properties PJSC, the emirate’s largest developer, as part of a possible conversion of bonds into equity. The shares fell the most in two months.
The company may convert 3.56 billion dirhams ($970 million) in bonds due to Abu Dhabi investment arm Mubadala Development Co. in November into shares, Aldar said today in a statement to the bourse. Aldar also said it may sell unspecified assets.
“This will be received negatively because the market was hoping for a long-term loan from the government,” said Chet Riley, a Nomura Holdings Inc analyst based in Dubai. “The asset sale will be to the government, which is similar to what they did before with the Yas Island assets.”
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