Tuesday 18 October 2011

Abu Dhabi's IPIC lends unit Aabar $2 bln - document | Reuters

Abu Dhabi's International Petroleum Investment Co (IPIC) gave a 7.3 billion dirhams ($2.0 bln) interest-free loan to its unit Aabar in September, an updated prospectus for the state-owned fund's bond programme showed.

IPIC itself raised the funds as an unsecured conventional loan paying an interest rate over EIBOR, the prospectus showed.

Aabar bought Abu Dhabi Commercial Bank's 25 percent stake in Malaysian group RHB Capital earlier this year. Sources told Reuters this month that Aabar would get a $1.9 billion loan through its parent IPIC from ADCB to pay for the deal.

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