Abu-Dhabi based Aabar Investments has offered to acquire 70 percent of Dubai-based construction firm Arabtec through convertible bonds, Aabar said in a statement on its website.
"The Board of Aabar has resolved to make an offer to Arabtec to acquire 70 percent of the share capital of Arabtec by way of a mandatory convertible bond to be issued by Arabtec Holding to Aabar Investments at a conversion price of 2.3 dirhams ($0.626) per share," Aabar said in the statement.
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