The International Petroleum Investment Company (IPIC), a Government energy investment fund, has assumed majority ownership of Aabar investments a day after the firm bought a stake in one of the world’s largest carmakers.
IPIC converted the second tranche of a Dh6.6 billion (US$1.79) bond it bought from Aabar in September, increasing its ownership stake from 36 per cent to 71 per cent, Aabar said in a statement.
IPIC’s full conversion of the bond will boost Aabar’s capital pool hours after it agreed to spend Dh9.73 billion to buy a 9.1 per cent stake in Daimler, the maker of Mercedes Benz.
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