Aabar Investments PJSC of Abu Dhabi, the largest shareholder in Daimler AG, said the board agreed to the sale of 1.5 billion dirhams ($410 million) of convertible bonds to International Petroleum Investment Co..
The bonds will be issued at a conversion price of 2.5 dirhams, it said in a statement to the Abu Dhabi bourse today. The converted shares will be listed on the Abu Dhabi Securities Exchange.
Aabar said on April 30 it planned to sell as much as 7.35 billion dirhams of convertible debt to IPIC for “general corporate purposes.” IPIC, the Abu Dhabi government-owned energy investor, owns a 71 percent stake in Aabar after converting 6.68 billion dirhams of bonds in 2009. IPIC uses Aabar for its non-oil investments.
The board also approved the appointment of Mohamed Ali al Fahim as a director, replacing David Forbes, according to the statement.END
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